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CorrFlex Graphics, LLC to Acquire Chesapeake's U.S. Display Business
RICHMOND, Va.--April 23, 2001--Chesapeake Corporation (NYSE: CSK) today announced the signing of an agreement by which CorrFlex Graphics, LLC, a leading provider of corrugated packaging and displays in the Eastern United States based in Statesville, N.C., will acquire the assets of the U.S. Display business of Chesapeake Display and Packaging Company, a subsidiary of Chesapeake Corporation. The transaction is scheduled to close in June 2001, subject to regulatory approvals, CorrFlex's financing and the other customary closing conditions. Chesapeake expects to use the proceeds of the divestiture to reduce its long-term debt.
The U.S. Display business being purchased by CorrFlex designs, manufactures, assembles and packs temporary point-of-purchase displays and merchandising units. It serves many of the largest U.S. consumer packaged goods companies through its two corrugated converting and four assembly and packing facilities, several sales design centers, and over 1,000 employees. L. Kerry Vickar, chairman and chief executive officer of CorrFlex, said, "Chesapeake Display and Packaging's U.S. Display business holds a premier position in the point-of-purchase industry. It is our firm belief that this position has been achieved as a result of the high level of expertise and dedication of its employees and commitment to customers, together with investments in state-of-the-art assets. We are pleased and excited about the opportunity of continuing to grow and develop this business in conjunction with our wholly owned subsidiary CorrFlex Display & Packaging, LLC." Chesapeake's Chairman, President and Chief Executive Officer Thomas H. Johnson said, "The sale of the U.S. Display business is the second in a series of planned divestitures we announced earlier this year. These divestitures will accelerate the repositioning of Chesapeake as a focused specialty packaging company and provide greater visibility to our inherent value. "We believe the sale to CorrFlex is in the best interest of both the dedicated employees of Chesapeake Display and Packaging, who should have new and expanded opportunities with CorrFlex, and this business' customers, who will benefit from CorrFlex's industry-focused entrepreneurial culture." Bryan L. Smith, president of CorrFlex Graphics, LLC, said, "During 1998, our company acquired Southland Packaging & Promotions, as well as Bostic Packaging and Consolidated Packaging. In the following year, the company acquired Cor-Box and opened two facilities. Consolidated Packaging, renamed CorrFlex Packaging, LLC, operates four converting and assembly facilities in Georgia, Illinois and Michigan. CorrFlex Display & Packaging, LLC, the former Southland and Cor-Box operations, are dedicated to designing and manufacturing point-of-purchase displays, high graphics packaging and other corrugated products from its Statesville, N.C., and York, Pa., locations. Bostic, located in Monroe, N.C., is a provider of flexible packaging materials. The company employs approximately 500 people in its seven locations in the United States." Chesapeake Corporation, headquartered in Richmond, Va., is a global leader in specialty packaging. Chesapeake is a leading European folding carton, leaflet and label supplier and a leader in plastics packaging for niche markets. Chesapeake has over 75 locations in North America, Europe, Africa and Asia. Chesapeake's website is www.cskcorp.com. This news release, including comments by Thomas H. Johnson, contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause Chesapeake's actual results to differ materially from those expressed in the forward-looking statements including, but not limited to: the ability of the Company to complete divestitures in a timely manner and with adequate proceeds; and other risks that are detailed from time to time in reports filed by the Company with the Securities and Exchange Commission.
DuPont, Sarnoff and Bell Labs to Collaborate on Developing Advance Technology for Displays WILMINGTON, Del., Oct. 29 -- As part of a federally sponsored research and development initiative, DuPont -- a leader in the development and manufacturing of organic light emitting diode (OLED) displays -- and Sarnoff Corporation have agreed to develop new organic-thin film transistor (organic-TFT) technology on plastic substrates. Organic-TFTs can offer major advances in commercializing future generation flexible display devices such as full-color polymer-based active matrix OLED (AM-OLED) displays. Ferro Corporation Regular Quarterly DividendCLEVELAND, Oct. 28 -- Directors of Ferro Corporation declared a regular quarterly dividend of 14.5 cents per share of common stock. The dividend is payable December 10, 2002 to shareholders of record on November 15, 2002. Airgas Launches New Line-up of Gold Gas Premium Shielding GasesRADNOR, Pa.--Oct. 29, 2002--Airgas, Inc. today announced a new improved line-up of the Airgas Gold Gas® premium shielding gases. It will launch the new line-up with product demonstrations at FABTECH International 2002, North America's largest annual metal forming and fabricating event, taking place October 29-31, 2002 at the International Exposition (I-X) Center, Cleveland, Ohio. Syntroleum introduces low-cost barge mounted gas-to-liquids plantTULSA, Oklahoma (August 23, 2003) – Syntroleum, owner of a proprietary air-blown gas-to-liquids (GTL) process for converting discovered stranded gas reserves to clean fuels, plans to commercialize a small barge-mounted GTL plant (GTL Barge). EU ‘REACH’ plan unworkable, says SDAWASHINGTON, D.C. (August 23, 2003) - Major portions of Europe’s proposed chemical management policy are unworkable and would place significant burdens on business and government with ‘negligible’ improvements to human health and the environment, according to The Soap and Detergent Association (SDA). Alliance announces clean energy initiativeBOSTON (August 23, 2003) - An alliance of environmental, industry, academic, and government organizations has formed a coalition, the Northeast CHP Initiative, to spearhead the installation of clean, reliable, energy-efficient ‘combined heat and power’ (CHP) systems throughout the Northeast. About 75% of mergers fail due to poor evaluationDURHAM, North Carolina (August 23, 2003) - As mergers and acquisitions make a comeback, a recent study shows that an overwhelming 75% of large company M&A deals fail to increase shareholder value. World's first corporate governance guidelinesSYDNEY, Australia (August 23, 2003) - Following the recent spate of high profile corporate collapses across the world, an Australian company, SAI, has developed the world's first consensus based guidelines for organisations seeking to improve their corporate governance practices. May I have the envelope, please?It’s tough to be an independent trading exchange these days. Stock prices are down, IPOs are cancelled and business is tough to find – and that’s just among the survivors. To add insult to injury, every speaker at e-business conferences these days seems to start with a joke at their expense. OneChem and webMethods deploy integrated customer care solutionMIAMI, Florida (April 24, 2001) – OneChem (onechem.com), an application service provider to the chemical industry, and webMethods (webMethods.com), a provider of integrated software solutions, have successfully implemented the OneChem Customer Care integrated solution at Vulcan Chemicals. Eastman takes steps to improve profitabilityKINGSPORT, Tennessee (August 27, 2003) - Eastman Chemical has outlined steps to improve profitability by addressing under-performing businesses and product lines in one of its major segments. Honeywell builds on commitment to ChinaTIANJIN, China (August 20, 2003) - Honeywell Industrial Measurement and Control has opened a center for assembling smart pressure transmitters in Tianjin, China. A new pollution solution – fuel cells for fresh airTORONTO (August 20, 2003) - The first phase of a new clean air initiative, fuel cells for fresh air, have been unveiled at the Canadian National Exhibition’s (CNE) Green Day event! Core Microsoft Office products are complete and released to manufacturersREDMOND, Washington (August 20, 2003) - Microsoft has now completed the core products in the new Microsoft Office System and has released all products to manufacturing, marking what Microsoft describes as a critical step in the delivery of the company's most powerful and and
valuable release of Office.
Aberdeen: IT today must start with business prioritiesThe slow economy of the past three years has fundamentally shifted the relationship between Information Technology and the business units they support, and Aberdeen Group predicts the change is here to stay. Gone are the go-go days of the late 1990s when IT spending became "a technology arms race." Today, IT is more firmly focused on incremental returns, enabling change and supporting business goals. AMR: In projecting ROI, think long termWhen calculating the projected return on investment (ROI) from a Manufacturing Execution System (MES) project, AMR Research believes most companies are so focused on the near term they are missing the larger picture. More importantly, what AMR has documented for MES projects seems likely to apply to the broader universe of IT decisions as well. AspenTech honors Owens Corning with Customer Innovation AwardWASHINGTON (October 28, 2002) - Aspen Technology, has honored Owens Corning with its first Aspen Technology Customer Innovation Award. The award recognizes Owens Corning's application of AspenTech's manufacturing solutions to increase the profitability of its roofing and insulation plants. eToken ensures secure access to SAP solutionsCHICAGO (March 14, 2003) – According to digital security provider, Aladdin Knowledge Systems, eToken has been successfully interface-certified by SAP, providing customers with an innovative USB authentication solution. Bayer to manage price risk with online toolWAYNE, Pennsylvania (December 3, 2002) -- Bayer Corporation has signed an agreement to access Planalytics GasBuyer, a Web-based risk management tool for purchasing and hedging natural gas. Ashland names Cappeline vice presidentCOVINGTON, Kentucky (December 3, 2002) -- Gary A. Cappeline, 53, has been named vice president, Ashland Inc. (NYSE: ASH), and president, Ashland Specialty Chemical according to James J. O'Brien, Ashland Inc. chairman and chief executive officer. The appointment will be effective December 4.
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