VCICE For additional information contact:
G.S. Donovan (708) 496-4200
K.K. Duttlinger (708) 496-4200
VISKASE COMPANIES, INC. ANNOUNCES THE COMPLETION
OF THE SALE OF ITS PLASTIC SHRINK FILM BUSINESS
CHICAGO, ILLINOIS, August 31, 2000 - Viskase Companies, Inc. (VCICE)
announced today the completion of the sale of its plastic barrier and
non-barrier shrink film business to Bemis Company, Inc., for a purchase
price of $245 million which includes $228 million in cash upon the
consummation of the transaction and $17 million in accounts receivable
excluded from the transaction. The business being sold includes
production facilities in the United States, United Kingdom and Brazil.
Proceeds from the sale will be used principally to retire debt and for
general corporate purposes.
The sale excludes any patent litigation proceedings between Viskase and
American National Can Company. This litigation continues to reside in
the Court of Appeals for the Federal Circuit, which should render a
decision later this year or early in 2001.
Mr. F. Edward Gustafson, Chairman and CEO of Viskase Companies, Inc.,
stated that "Bemis has acquired a fine business with dedicated people
having a real interest in seeing the business grow. We wish them every
success in the future. We at Viskase will now focus our attention on
our worldwide cellulosic and plastic casings businesses."
Viskase Companies, Inc. retains its major interest in the food packaging
industry through Viskase Corporation. Principal products manufactured
are cellulosic and nylon casings used in the preparation and packaging
of processed meat products.
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