WASHINGTON-The Federal Trade Commission has chosen not to challenge the acquisition of Amo-co Foam Products Co. by Tenneco Inc.'s packaging division, an FTC spokeswoman said Aug. 21. Tenneco Packaging of Evan-ston, Ill., announced a $310 million stock acquisition of Amoco Foam, a division of Chicago-based Amoco Corp., on June 26.
Tenneco is by far the largest thermoforming company in North America. According to a Plastics News 1996 survey, Tenneco had about $700 million in annual related sales. Sweetheart Cup Co. of Chicago was a distant second, with estimated thermoforming sales of $250 million; Amoco was third, with $249 million.
Competitors had questioned whether the acquisition would pass FTC antitrust review.
Tenneco said Aug. 22 it was ``anticipating a definitive announcement of the entire acquisition in the next few days.''