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PRINTPACK INC. ACQUIRES GRUPO INDUSTRIAL PLASTICO

USA –Printpack Inc., a flexible packaging and specialty rigid container manufacturer, announced today that it has reached an agreement to purchase Grupo Industrial Pl├ístico (GIPSA) of Guadalajara, Mexico. GIPSA is a fully integrated flexible packaging manufacturer of bags, pouches and value-added laminated structures. The terms of the transaction were not disclosed.

Dennis M. Love, President of Printpack Inc., stated, "We believe GIPSA is an ideal fit for Printpack as we continue our efforts to expand our presence in the growing flexible packaging markets of Mexico and Latin America. We were attracted to GIPSA because of its long history and reputation for providing high quality, exceptional service and innovative packaging solutions to its customers. We are excited about the opportunities the combination of our two companies will bring for continued growth in these markets, and we welcome the GIPSA associates and customers to the Printpack family."

According to Oscar Aceves, founder and President of GIPSA, "We are proud of the success and the strong customer relationships GIPSA has enjoyed over the past 35 years. While it was a difficult decision to sell the company, we felt it was appropriate at this time to combine forces with a larger company who would be in a better position to capitalize on the growing demands in our markets. We believe that Printpack’s reputation for quality, service and innovation is second to none, and that its strong dedication to its associates and the communities in which they operate also makes it an ideal fit for GIPSA. I am pleased to be staying on as a full-time consultant to Printpack following the transaction."

Dennis Love also added, "While our growth expectations in the US remain strong, we are increasingly looking to international areas as opportunities for growth and expansion. We feel we can compete effectively on the local level in the countries we are targeting as well as leverage our business practices and extend our relationships with our global customers."

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