DALLAS — Chemical and petrochemical products company Rexene Corp. announced a definitive agreement by its operating subsidiary to acquire Poly-Pac Inc. from Rex-Rosenlew International Inc. for about $15 million.
Poly-Pac produces specialty blown films at its facility in Dalton, Ga. Rexene said Poly-Pac had revenue of $29.5 million and an operating loss of $1.6 million last year.
Rexene spokesman Jonathan Wheeler said the acquisition will be financed with the company's cash holdings.
After the sale, Poly-Pac will be managed by Rexene's Consolidated Thermoplastics Co. film division which has an annual production capacity of 160 million pounds. The division has plants in California, Wisconsin and Delaware.
Rexene said the purchase will strengthen Consolidated's strategic position in the specialty film business.