UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: MARCH 15, 1999
ALLTRISTA CORPORATION
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INDIANA 0-21052 35-1828377
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State of Incorporation Commission File Number IRS Identification Number
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5875 CASTLE CREEK PARKWAY, NORTH DRIVE, SUITE 440
INDIANAPOLIS, IN 46250
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (317) 577-5000
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ITEM 5. OTHER EVENTS.
Alltrista Corporation ("Alltrista") announced on March 15, 1999 that it had
entered into a definitive agreement to acquire substantially all of the assets
of Triangle Plastics, Inc. and of its subsidiary, TriEnda Corporation.
The definitive agreement provides for a purchase price payment by Alltrista
of $148.0 million. The seller will retain substantially all of its existing
indebtedness.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibit 99 Press release dated March 15, 1999.
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SIGNATURES
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.
ALLTRISTA CORPORATION
(Registrant)
By: /s/ Thomas B. Clark
Thomas B. Clark
President and Chief Executive Officer
March 16, 1999
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ALLTRISTA CORPORATION
FORM 8-K
EXHIBIT INDEX
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Exhibit Description Page
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Ex 99 Press Release dated March 15, 1999 5
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Alltrista Corporation News
5875 Castle Creek Parkway, North Drive, Suite 440
Indianapolis, Indiana 46250-4330
ALLTRISTA CORPORATION LAUNCHES EXPANSION DRIVE; WILL ACQUIRE TRIANGLE PLASTICS
INC.
ACQUISITION PLACES ALLTRISTA AS LARGEST INDUSTRIAL THERMOFORMER IN NORTH AMERICA
INDIANAPOLIS, March 15, 1999-Alltrista Corporation, a manufacturer of plastic
and metal products, today took the first major step in its previously announced
expansion drive by signing a definitive agreement to acquire for $148 million
the assets of Triangle Plastics Inc., and those of its wholly owned subsidiary,
TriEnda Corporation. The seller is retaining an undisclosed amount of debt.
Triangle Plastics is the country's leading industrial plastics thermoformer
with 1998 sales of $114 million, five production facilities and a technical
center, employing approximately 1,100 people.
The business will be operated under Alltrista's plastic products group and
will join its current thermoforming operations, creating the largest industrial
thermoformer in North America and providing a platform for additional
acquisitions in thermoforming and material handling. Thermoforming softens a
rigid plastic sheet under heat and molds it into a finished part.
Thomas B. Clark, Alltrista's president and chief executive officer,
indicated that the move was consistent with the corporation's strategy to be a
leader in all businesses in which it participates. "Triangle Plastics is a key
step in achieving our goal to grow our company to $500 million in sales with $50
million in operating earnings by the year 2002," said Mr. Clark. "To meet this
goal we must grow by 15 percent annually, and the Triangle Plastics business
fits that criteria. Triangle has a meaningful size and a strong management
team, plus we are buying a business and a technology with which we are very
familiar.
"The acquisition will contribute to Alltrista earnings in 1999." He said
Triangle has achieved substantial growth in recent years and, most importantly,
has significant growth opportunities in each of the markets it serves.
"Triangle Plastics is known for its high-quality products, exceptional
value-added services, state-of-the art facilities and for high-design-content
products."
Triangle Plastics Inc. founder and chairman, James L. Blin, said, "The
acquisition presents a unique opportunity for two strong organizations to
combine their common vision of aggressive growth. The new relationship will
benefit customers from both corporations and it provides an exciting opportunity
for existing employees."
The company's Triangle division manufactures heavy gauge industrial
thermoformed parts for original equipment manufacturers in a variety of
industries, including the heavy trucking, agricultural, portable toilet,
recreational and construction markets. Facilities for the division are in
Oelwein and Winthrop, Iowa; Cookeville, Tenn. and Auburndale, Fla. The
division's technical center is located in Independence, Iowa.
The TriEnda operation, which has a manufacturing facility in Portage, Wis.,
is a leading domestic and international supplier of plastic thermoformed
products for material handling applications, producing both proprietary and
custom pallets, bulk packs and dunnage. Major markets served include
automotive, the United States Postal Service, grocery, printing, textile,
chemical and pharmaceuticals.
"In recent years, plastics have experienced strong growth as they steadily
displace wood and corrugate packaging and pallets because of their light weight,
durability, flexibility of design and recyclability," Mr. Clark said. "More
than 500 million pallets are produced annually in the United States, with
worldwide demand at 1.5 billion per year, and plastic pallets account for only
four to six percent of the current market in the U.S.; we are at an early point
of plastics penetrating this market, therefore growth opportunities should be
significant."
Approximately 42 percent of Alltrista's $244 million in 1998 sales came
from its plastics group, which produces thermoformed, injection molded and
coextruded sheet products. The company, through its metals group, is also the
leading supplier of home canning products, under the Ball and Kerr brands, and
is the country's largest producer of zinc strip and fabricated products,
including coin blanks for the U.S. and Royal Canadian Mints.
-end-
Note: This news release may contain forward-looking statements as encouraged by
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are necessarily projections which are subject to change upon the
occurrence of certain events which may affect the business, many of which are
set forth in the company's 8-K report filed with the Securities and Exchange
Commission on June 10, 1997.
3/99-Contact Larry Miller, 317.577.5015, nights at 765.286.5856 or e-mail
[email protected]
