FORM 8-K - CURRENT REPORT
(As last amended in Rel. No. 34-36968, eff. 08/13/92.)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (D) of the Securities Exchange Act of 1934.
Date of Report (Date of earliest event reported) October 24, 1997
________________________________
Blessings Corporation
________________________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 1-4684 13-5566477
________________________________________________________________________________
(name or other jurisdiction (commission (IRS employer
of incorporation) file number) identification no.)
200 Enterprise Drive, Newport News, VA 23603
________________________________________________________________________________
(address of principal executive offices) (zip code)
Registrant's telephone number, including area code (757) 887-2100
______________________________
________________________________________________________________________________
(former name or former address, if changed since last report.)
____________________________
Item 5. Other Events
See the press release dated October 24, 1997, announcing that it had
entered into a non-binding letter of intent to acquire the remaining 40% of its
60% owned subsidiary in Mexico, Nacional de Envases Plasticos, S. A. de C. V.
(NEPSA).
<PAGE>
CONTACT: James P. Luke
Executive Vice President
Secretary / Treasurer
FOR IMMEDIATE RELEASE
BLESSINGS CORPORATION ANNOUNCES ACQUISITION OF THE REMAINING 40% OF ITS
MEXICAN SUBSIDIARY.
NEWPORT NEWS, VIRGINIA, OCTOBER 24, 1997. Blessings Corporation (AMEX
Symbol BCO) announced today that it had entered into a non-binding letter of
intent to acquire the remaining 40% of its 60% owned subsidiary in Mexico,
Nacional de Envases Plasticos, S. A. de C. V. (NEPSA). Blessings disclosed that
it had agreed to a price of $18,500,000 for the remaining 40%, payable at
closing. The execution of definitive documentation is expected to provide for a
closing date of mid November, 1997.
Dr. Elwood M. Miller, President and CEO of Blessings stated that, "We
are delighted to be able to consummate the acquisition of 100% of NEPSA. NEPSA
is the premier manufacturer of printed and converted product and extruded
polyolefin films in Mexico and has amply demonstrated its market strength with
its strong performance throughout the recent Mexican financial crisis. Despite
initial currency translation losses from the devaluation of the Mexican peso in
1995 and 1996, NEPSA was able to sustain positive earnings and strong cash flow
throughout the crisis. Had the 100% ownership of NEPSA been in effect during the
first three quarters of fiscal year 1997 ending on September 30, 1997, the
earnings per share of Blessings Corporation in that period would have been
approximately $.74 per share versus the $.58 per share actually reported on
September 30, 1997."
Dr. Miller further reported that, "We have gained considerable
experience and confidence over the past three years in our ability to manage
this business. Senor Manuel Villarreal G. has demonstrated exceptional
leadership in confronting the challenges of the Mexican economy and will
continue as President and CEO of NEPSA under the 100% ownership by Blessings. As
the Mexican economy continues its strong recovery from recession, we anticipate
significant and increased contribution from NEPSA in the years ahead."
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Registrant:
___________
BLESSINGS CORPORATION
By: /s/ James P. Luke
_______________________________________
James P. Luke, Executive Vice President
Secretary/Treasurer
Date: November 3, 1997
