U.S. Plastic Lumber Corp. has completed the closing of the sale of its cornerboard business to Illinois Tool Works Inc. for $8.2 million. Proceeds will be used for debt reduction and working capital.
Mark Alsentzer, CEO of USPL stated, "We are pleased that we have been able to close the sale of our cornerboard business to ITW. The cornerboard business was not an integral part of the future growth plans of USPL.”
Michael Loeschen, vice president and general manager of ITW's Protective Packaging Group, said, "The positive effects of this transaction for ITW will be immediate. The plastic cornerboard business of USPL integrates well with our existing business and customer base. We believe this acquisition positions us well to continue to serve our industry."Latest from Recycling Today
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