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<PAGE> 1
EXHIBIT 21
LIST OF SUBSIDIARIES
Printpack Illinois, Inc.
Flexible Funding Corp.
Empaques Printpack de Mexico, S.A. de C.V.
Printpack de Mexico, S.A. de C.V.
Printpack Packaging de Mexico, S.A. de C.V.
Servicios Printpack de Mexico, S.A. de C.V.
Printpack Enterprises, Ltd.
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