PaperWorks to Expand Through Manchester Industries Acquisition

Jan. 18, 2011 (Press Release) - PaperWorks Industries, Inc. is pleased to announce that Manchester Industries, a major North American converting company, has been acquired by Sun Capital Partners. Manchester will ultimately be merged into PaperWorks, itself an affiliate of Sun Capital Partners.

With five facilities in Michigan, Indiana, Pennsylvania, Virginia and Texas, Manchester Industries provides large-scale sheeting, rewinding and cutting operations to commercial printers and packaging companies across the continent. The company’s 180 employees will become part of the PaperWorks Paperboard Group.

“Manchester Industries has carved out its place as a world-class converter,” stated PaperWorks Industries CEO Thomas J. Garland. “These five plants will be a significant asset for PaperWorks as we move forward, and we intend to spare no effort to ensure that Manchester’s reputation for service and reliability is honored as they become part of the PaperWorks family. Its FSC, SFI and PEFC certifications show a commitment to quality that we will be proud to uphold.”

The acquisition will continue to add depth and breadth to PaperWorks’ North American paperboard offering. “This converting capacity will be a great asset to our existing core service of paperboard manufacturing,” Garland said. “With Manchester offering over a dozen paperboard grades and a range of services that start at custom sheeting and cutting and extend to almost every dimension of conversion, this adds an entire range of expertise to our Paperboard Group.”

“Manchester was founded a little over three decades ago with the guiding principle of providing value to our customers through both our products and services. PaperWorks has the financial strength and resources that will allow Manchester continued growth and ensure long-term viability for our customers, suppliers and employees,” said Ken Aspinall, President of Manchester Industries. “Finding the right company for Manchester meant finding a company that shares and upholds our core values, and I’m confident we’ve found such a partner in PaperWorks.”

Founded in 2008, PaperWorks Industries, Inc. is a leading North American integrated full-service packaging provider. The company’s Packaging Division is considered a leading innovator in the production of specialized folding cartons, with facilities in the U.S. and Canada. Its Paperboard Division manufactures approximately 300,000 tons of 100% recycled paperboard every year for a variety of end uses largely concentrated in consumer products. PaperWorks Industries is headquartered in Philadelphia, Pennsylvania (USA). Following this expansion, it is home to nearly 1100 employees across 14 North American locations with annual sales in excess of US$450 million.

SOURCE: PaperWorks Industries, Inc.