US-based blow-molded plastic packaging supplier Consolidated Container Company (CCC) has signed a deal to buy all the assets of polypropylene containers manufacturer Shelburne Plastics.
As part of the deal, Shelburne's plants will operate under CCC, while being supported by the company's operational and financial as well as expertise in the rigid plastic packaging industry.
The asset purchase agreement follows bankruptcy reported by Shelburne and is subject to closing conditions from various authorities.
Shelburne chairman and CEO Gene Torvend said that the sale and filing are necessary steps to continue long term supply to the company's customers.
"We are pleased to have attracted a strong operational and financial owner for the business, and we hope to complete the sale swiftly to make the process as seamless as possible," Torvend added.
Following the transaction, Shelburne will continue to operate its business and work at its manufacturing plants.
