U.S. Plastic Lumber Corp. has expanded its line of shipping products by purchasing the assets of a company that makes slip sheets. The publicly traded firm in Boca Raton, Fla., announced Feb. 22 that it has bought the assets of Denver-based Baron Enterprises Inc. Terms were not disclosed.
John Poling, USPL chief financial officer, said Baron's business adds to USPL's existing shipping-goods operation, which it acquired in June through the purchase of Brigadoon Industries Inc. of Ocala, Fla.
Baron reported 1999 sales of $13 million. USPL will acquire the company's manufacturing plants in Denver and Reidsville, N.C.
The deal gives USPL "a whole new customer list and additional manufacturing capacity, which enables us to have a national distribution network for slip sheets and tier sheets," Poling said.
Baron will be integrated into USPL as one of its operating subsidiaries, Poling said. USPL currently is referring to the unit as Baron USPL, but has not decided whether it will change the name officially.
Baron has produced shipping slip sheets and tier sheets from recycled high density polyethylene for about 15 years, according to a USPL news release.
USPL also announced it has received $7.5 million in debt financing through Halifax Fund LP, which it will use for working capital and to repay debt. That funding is unrelated to the Baron acquisition, Poling said.