AT Plastics Inc. announced it has completed the sale of the remainder of its Performance Compound business (Flexet) to a large North American company with strategic initiatives in the pipe and tubing materials market segments, but declined as of press time to identify the buyer. The company¿s Flexet business, located near Chicago, manufactures products for use in the plumbing and radiant heating industry.
Aggregate gross proceeds of this sale were announced at $3.58 million. Along with proceeds from a previously announced sale of a packaging business, aggregate gross proceeds totaling $44 million have been used to retire indebtedness.
"The company completed several steps in 2001 to reduce debt and focus our efforts on those customers, markets and products where AT Plastics delivers value," said Gary Connaughty, president and CEO of AT Plastics.