BPI.L Regulatory News (BPI)

21 Aug 2007 07:00

British Polythene Industries PLC21 August 2007 21 August 2007 Acquisition of Canadian Agricultural Film Business British Polythene Industries PLC announced today the acquisition of the AT Filmsbusiness of AT Plastics Inc (Canada), a subsidiary company of CelaneseCorporation, for a cash consideration of US$12 million subject to an adjustmentto reflect the book value of working capital at completion. As at 31 July 2007the working capital was US$11 million. AT Films manufactures polythene film products for the horticultural andagricultural markets, mainly in North America. The company has facilities inEdmonton and Westlock, Alberta, Canada and employs 65 people. In the lastfinancial year to 31 December 2006, AT Films sold 12,500 tonnes of polythenefilm products with an annual value of US$ 35 million. Commenting on the acquisition Chairman Cameron McLatchie said:- "This acquisition enables us to progress our strategy of developing ourinternational agricultural and horticultural films business. In addition tooffering new geographic markets, AT Films brings new products to BPI including arange of large agricultural bags which are used to store silage and grain. Thestored grain is subsequently used as animal feed or as raw material in themanufacture of biofuels. We believe that there is significant opportunity toexpand sales of this product as global demand for biofuels increases." Enquiries:Cameron McLatchie, Chairman British Polythene 01475 501000 Industries PLC John Langlands, Chief British Polythene 01475 501000 Executive Industries PLC Tim Spratt/Nicola Biles Financial Dynamics 0207 831 3113 This information is provided by RNS The company news service from the London Stock Exchange