Exhibit 99.1
LINCOLNSHIRE, Ill., May 30 /PRNewswire/ -- Ivex Packaging Corporation
(NYSE: IXX - news; "Ivex") announced today the completion of its previously
announced sale of its Specialty Coating business to Chargeurs, SA
("Chargeurs") of Paris, France for approximately $113 million in cash.
The Specialty Coating business, which was a part of the Ivex Technical
Packaging group, included the Newton, Mass., Troy, Ohio, and Bellwood, Ill.
operations. The business generated revenues of approximately $90 million in
1999.
Ivex is a vertically integrated specialty packaging company engaged in the
manufacturing and marketing of a broad range of plastic and paper products
to the consumer, medical, electronics, computer and technical markets.
The statements contained in this press release are forward-looking and are
identified by the use of forward looking words and phrases, such as
"estimates," "plans," "expects," "to continue," "subject to," "target" and
such other similar phrases. These forward-looking statements are based on
the current expectations of the Company. Because forward-looking statements
involve risks and uncertainties, the Company's plans, actions and actual
results could differ materially. Among the factors that could cause plans,
actions and results to differ materially from current expectations are: (i)
changes in consumer demand and prices resulting in a negative impact on
revenues and margins; (ii) raw material substitutions and increases in the
costs of raw materials, utilities, labor and other supplies; (iii)
increased competition in the Company's product lines; (iv) changes in
capital availability or costs; (v) workforce factors such as strikes or
labor interruptions; (vi) the ability of the Company and its subsidiaries
to develop new products, identify and execute capital programs and
efficiently integrate acquired businesses; (vii) the cost of compliance
with applicable governmental regulations and changes in such regulations,
including environmental regulations; (viii) the general political, economic
and competitive conditions in markets and countries where the Company and
its subsidiaries operate, including currency fluctuations and other risks
associated with operating in foreign countries; and (ix) the timing and
occurrence (or non-occurrence) of transactions and events which may be
subject to circumstances beyond the control of the Company and its
subsidiaries.
