Exo-Tech Buys Flex-Pack Biz from IP

Published: September 10, 2001, By PRESS RELEASE

SPARTANBURG, SC, USA—Exo-Tech Packaging, a newly formed company sponsored by the Sterling Group L.P., reports it has completed the purchase of the flexible packaging business from International Paper (IP).

With $400 million of revenue in the flexible packaging industry, Exo-Tech will be headquarted in Spartanburg, SC, USA, and also will include a technical facility and a graphics prepress operation, report co. officials.

A network of nine mfg. facilities (producing both multi-wall paper and plastic flexible packaging) located across the United States were included in the purchase.

States Patrick M. Woods, Exo-Tech CEO: "Exo-Tech is a new, independent company focused on using a variety of technologies to produce packaging that protects and enhances our customers' products. Our mission centers around delivering on the commitments we make to our customers and finding even better ways to service their needs in the future."

Exo-Tech is a material supplier for converters that manufacture pet food, charcoal, building materials, and lawn-and-garden packaging products.