STUDIO CITY, CALIF. - A New York investment group has completed its acquisition of Dolco Packaging Corp., a major packaging thermoformer. Dolco on Feb. 22 announced the completion of the deal with Packaging Acquisition Corp., a corporation controlled by MST Partners L.P. and MST Offshore Partners CV.
The company paid about $39 million for Dolco - $21 for each outstanding share of common stock and $4.05 for each share of preferred stock.
Dolco ranked 11th in Plastics News' 1996 ranking of North American thermoformers, with $67 million in sales. The company has four plants and 16 thermoforming lines. Its major products include polystyrene egg cartons and meat trays.
Dolco will remain in existence, according to the company.