Wright Plastics Co. has retained Equity Partners Inc. to seek a buyer for its polyethylene blown film and bag making business, which includes the company's plants in Alabama and Georgia.
Atlanta-based Wright shut down operations there and in Prattville, Ala., about six weeks ago after failing to meet sales and capacity goals. The firm laid off all 260 employees and hired Wye Mills, Md.-based Equity Partners to take bids for the company.
The 60 or so prospective buyers have until June 22 to place their bids, said Ken Mann, a partner with Equity Partners.
Mann said the company reported sales of about $28 million for 2000 - about the same sales level it reported in 1995.
``The company expanded and was not able to get the sales base up to its capacity, so management decided to furlough employees and seek a sale,'' Mann said June 12 by telephone.
Buyers stand to gain two plants with combined resin capacity of 55 million pounds annually, according to information submitted by Wright for Plastics News' latest film and sheet producer ranking.
The two-building Atlanta facility has 90,000 square feet; the Prattville plant has 95,000 square feet.
Wright extrudes polyethylene film for food, medical, building, marine and other industrial applications.
Wright officials did not return telephone calls seeking further comment on the sale.