Company selling off facilities involved in coated recycled boxboard, specialty contract packaging.
Published January 09, 2006
Caraustar Industries, Inc. announced that as a part of a strategic transformation plan, it intends to exit the coated recycled boxboard and the specialty contract packaging businesses.
The CRB business consists of three mills located in Versailles, CT; Rittman, OH; and Tama, IA.The specialty contract packaging business includes six facilities located in Birmingham, AL; Robersonville, NC; Bucyrus, OH; Strasburg, OH; Clifton, NJ and Pine Brook, NJ.
Also, at the end of the fourth quarter, 2005, the company completed the previously announced sale of the Hunt Valley corrugated packaging business to Green Bay Packaging, Inc. and acquired Sonoco's folding carton facility in Charlotte, NC.
Michael J. Keough, president and CEO of Caraustar, said, "Caraustar's management team has been working diligently on a comprehensive strategic review of all of our businesses. Effective December 30, 2005, we have decided to exit the CRB and SPD businesses, and plan to sell them to strategic buyers. These developments are part of a broader strategic transformation plan."