Plastic packaging manufacturer Amcor has signed a deal to purchase the US business of Constar International, which supplies plastic bottles.
Constar interim CEO Louis Imbrogno, Jr said the transaction with Amcor will allow the company and its employees to continue to offer better products and services to its customers and leverage the financial and other resources of Amcor to expand offering and capabilities.
"We are very excited for our employees and customers and believe this transaction creates a stable and extremely viable long term partner for our customers and vendors," Imbrogno added.
The transaction follows filing for Chapter 11 bankruptcy protection in the District of Delaware by Constar along with its subsidiaries.
Expected to close during the first quarter of 2014, the sale will be performed under Section 363 of the US Bankruptcy Code and is subject to approval of the Bankruptcy Court as well as other customary closing conditions.
Following the transaction, Constar will continue to operate and serve its customers in Europe.
Additionally, Constar is planning to sell its European operations.
