ST. LOUIS (PRNewswire) -- Pretium Packaging LLC, a provider of custom blow molded packaging solutions with a primary focus in the food, pharmaceutical and personal care markets, in partnership with Castle Harlan Inc., a New York-based buy-out firm, and existing Pretium management, announces the completion of its merger with Novapak Corporation which was previously announced on January 18, 2010. The transaction is returning $8,572.42 per share in cash to holders of common stock in PVC Container Corporation, the parent company of Novapak.
The combined business will generate more than $240 million of blow molded bottle and injection molded pre-form sales to over 500 customers from 14 manufacturing facilities in the U.S. and Canada. The new entity will retain the name Pretium Packaging, be headquartered in Chesterfield, MO, and be managed by the current Pretium management team together with certain members of Novapak management.
Pretium's President and CEO George Abd stated, "We are very excited to realize the opportunity this combined enterprise presents. Both Pretium and Novapak have focused on small to medium volume, custom bottle applications. Much of both companies' recent growth has come in PET bottles. The advantage for both companies' customers is that while Pretium has invested significantly in one-step, wide mouth PET technology and assets, Novapak has made significant investment in two-step, narrow neck PET and pre-form manufacturing. The combination of these world-class assets and capabilities, will allow the merged company to offer our customers a full range of one-step and two-step PET bottles, as well as extrusion blow molding and injection blow molding alternatives in HDPE and PP. In addition, there is very little overlap between the two companies' current customers, enabling the company to now deliver a broader range of products and services to an already existing customer base. We are also thrilled to be aligned with Castle Harlan, which has a long history of partnering with management teams to realize shareholder value through superior customer service."