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VALLEY PEOPLE

Olson Industries Names Larry Rembold Chairman

June 13, 1989

Olson Industries said Larry E. Rembold was named chairman, president and chief executive of the struggling Sherman Oaks plastics-packaging concern, succeeding John W. Buffington, who resigned.

Rembold will also continue as president and chief executive of Dolco Packaging Corp., Olson's only operating unit. Dolco filed for protection from creditors last month under Chapter 11 of the federal bankruptcy laws. Under Chapter 11, a company continues operating but is shielded from creditors' lawsuits while it works out a plan to pay its debts.

Olson also said that Richard G. Olson, formerly vice president, was elected executive vice president and that Buffington will remain an Olson director.

Olson has struggled in recent years in part because of rising prices for polystyrene, a resin that Olson uses in making its packages. In 1988, the company lost $4.1 million despite a 10% increase in sales to $68.8 million.

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