ATLANTA - Two major packaging acquisitions were completed last month, as Printpack Inc. bought James River Corp.'s flexible packaging unit, and Tenneco Inc. purchased Amoco Foam Products Co. Richmond, Va.-based James River announced Aug. 22 that it received $372 million in cash for its plastics packaging unit.
Atlanta-based Printpack, already a major film converter, picks up a major extruder and converter of plastic films, encompassing 10 manufacturing plants and about 2,200 workers. The unit posted $490 million in sales in 1995. Printpack President Dennis Love said the deal will enable his firm to be a full-service supplier to the industry.
Printpack, including the James River operations, now has 24 plants in North America and Great Britain, more than 4,000 employees, and estimated annual sales of more than $1 billion.
"We want to emphasize that we will continue to serve all of the James River customers as they have been served," said Printpack spokeswoman Susan Folds. "There should be no distruption."
Tenneco, based in Greenwich, Conn., announced Aug. 26 that it had completed its $310 million acquisition of Amoco Foam.
The former Amoco unit manufactures polystyrene tableware, hinged-lid food containers, packaging trays for meat and poultry, and industrial products.
Amoco Foam, headquartered in Smyrna, Ga., employed about 1,600. The unit will become part of the Tenneco Packaging business, which is based in Evanston, Ill.