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August 05, 1996 02:00 AM

HUNTSMAN PACKAGING BUYS UNITED FILMS

Sarah S. Smith
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    Huntsman Packaging Corp., a Huntsman Corp. operating company, acquired United Films Corp. of Bloomington, Ind., July 22 for an undisclosed amount. ``It's a perfect match for us and is part of Huntsman's overall strategy. Since we both produce polyethylene film, it is an excellent fit for us,'' said Huntsman spokesman Don Olsen.

    United Films, which has plants in Bloomington and Odon, Ind., makes five-layer coextruded PE film for aroma barrier packaging and specialty end markets. It also coextrudes three-layer films for the cookie, cracker and cereal markets.

    ``With the acquisition, we are now the nation's second-largest supplier to the cookie, cracker and cereal markets and a full-service supplier of all film and converted film applications,'' said Richard Durham, Huntsman Corp.'s president and chief financial officer.

    United Films' 80 employees will join Huntsman Packaging's 1,380. The two United Films plants will give Huntsman Packaging 13 plants in the United States. Huntsman Packaging has six plants outside the United States.

    Huntsman Packaging produces and converts PE and PVC films. It makes flexible packaging and film for the food, industrial, medical and specialty markets.

    The packaging operation was created through a series of acquisitions in the past four years, including operations from Mobil Chemical Co., Princeton Packaging Co. and Goodyear Tire & Rubber Co.

    ``Huntsman Corp.'s objective is to double its sales by the end of the year 2000. This includes all products and all operating companies,'' Olsen said.

    This long-term goal would increase Huntsman's annual sales to nearly $9 billion.

    Huntsman Corp. claims to be the largest U.S. privately held chemical company. Its operating companies make products for the chemical, plastics, detergent, personal-care, rubber and packaging industries. It has sales of $4.4 billion and 83 plants worldwide.

    "You can expect to see more (acquisitions) from us in the future," Olsen said.

    Huntsman Corp. is evaluating its options after Rexene Corp's board of directors rejected its buyout proposal, Olsen said July 31. He declined to discuss Huntsman's plans or intentions further.

    Rexene, based in Dallas, rejected Huntsman's $442 million unsolicited offer July 23.

    Rexene earned $65.4 million on 1995 sales of $615.2 million.

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