YORK, Pa., April 20, 2011 /PRNewswire/ -- Graham Packaging
Company Inc. (NYSE: GRM) today announced that its subsidiary,
Graham Packaging Company Italia S.r.l., has committed to acquire
the assets of Techne – Technipack Engineering Italia S.r.l.
("Techne"), for total consideration of euro
8.8 million.
Techne manufactures extrusion blow molding machines and has an
installed customer base of over 1000 machines with over 200
customers representing more than 70 countries. Techne's
machines produce bottles for end use applications in the dairy,
household, industrial, personal care, pharmaceutical, food, and
beverage markets. Graham intends to acquire intellectual
property, inventory, fixed assets, customer relationships, and
trade agreements, and intends to continue to operate Techne's
manufacturing site in Bologna, Italy.
Techne is under liquidation proceedings with the Court of
Bologna, Italy. Graham's
intention to purchase the assets of Techne is subject to the
approval by Techne's creditors of the composition plan filed by
Techne and its subsequent ratification by the Court of Bologna and
is subject to other customary conditions as well.
"Techne's assets significantly expand our proprietary machine
technology and allow us to continue to drive innovation and cost
effectiveness with our customers," said Mark Burgess, CEO of Graham. "Their installed
base of over 1000 machines gives us additional opportunities to
expand our activity in international markets and other market
adjacencies."
About Graham Packaging
Graham Packaging, based in York, Pennsylvania, is a worldwide leader in the
design, manufacture and sale of technology-based, customized blow
molded plastic containers for the branded food and beverage,
household, personal care/specialty and automotive lubricants
product categories. Graham Packaging has an extensive blue-chip
customer base that includes many of the world's largest branded
consumer products companies. It produces more than 20 billion
container units annually at 97 plants in North America, Europe, South
America, and China.
Graham Packaging is a leading U.S. supplier of plastic
containers for hot-fill juice and juice drinks, sports drinks,
drinkable yogurt and smoothies, nutritional supplements, wide-mouth
food, dressings, condiments and beers; the leading global supplier
of plastic containers for yogurt drinks; a leading supplier of
plastic containers for liquid fabric care products, dish care
products and hard-surface cleaners; and the leading supplier in the
U.S., Canada and Brazil of one-quart/liter plastic motor oil
containers.
To learn more about Graham Packaging, please visit the Company's
Web site at http://www.grahampackaging.com/. Graham Packaging uses
its Web site as a channel of distribution for material Company
information. Financial and other material information regarding
Graham Packaging is routinely posted on the Company's Web site and
is readily accessible.
Forward Looking Statements
Information provided and statements contained in this press
release that are not purely historical are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements only speak as of the date of this press
release and Graham Packaging assumes no obligation to update the
information included in this press release. Such
forward-looking statements include information concerning Graham
Packaging's or Liquid Container's possible or assumed future
results of operations and the potential acquisition of Liquid
Container. These statements often include words such as
"approximately," "believe," "expect," "anticipate," "intend,"
"plan," "estimate" or similar expressions. These
forward-looking statements are not historical facts, and are based
on current expectations, estimates and projections about Graham
Packaging's industry, management's beliefs and certain assumptions
made by management, many of which, by their nature, are inherently
uncertain and beyond Graham Packaging's control. Accordingly,
readers are cautioned that any such forward-looking statements are
not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict,
including, without limitation, specific factors discussed herein
and in other releases and public filings made by the Company
(including the Company's filings with the Securities and Exchange
Commission). Although Graham Packaging believes that the
expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. Unless otherwise required by law,
Graham Packaging also disclaims any obligation to update its view
of any such risks or uncertainties or to announce publicly the
result of any revisions to the forward-looking statements made in
this press release.
Contact:
David Bullock
Chief Financial Officer
(717) 849-8500
Jeff Grossman
(717) 771-3220
InvestorRelations@grahampackaging.com
SOURCE Graham Packaging Company Inc.