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Sigma Plastics Group Announces Purchase of Allied Extruders Long Island City, New York
New Jersey (June 26, 2007)
Sigma Plastics Group ("Sigma") is pleased to announce it has partnered with current management of Allied Extruders Long Island City ("Allied LIC"), led by Mr. Menash Oratz, to buy Allied LIC from private equity group Red Diamond Capital who has owned Allied for the last three years. Allied LIC is a premier manufacturer of custom mono and co extrusion polyethylene films that thrives on its hands on approach and customer service expertise to please its customers. The Company sells custom polyethylene films used in specialty food packaging, laminations, stand up pouches, produce films, coffee films, security films, postal films, shrink bundling films, Biodegradable films, and many other industrial use films.
Founded in 1969, Allied, through its facilities in Long Island, NY has annual throughput of over 45M lbs and employs over 60 people. The Company manufactures both LLDPE and LDPE industrial film products in both mono and co extrusion processes.
With 32 independent manufacturing facilities spread throughout the United States ,Canada, and South and Central America the Sigma Plastics Group offers one source for extruded polyethylene film and bags and polypropylene film. The Sigma Plastics Groups annual production exceeds 1.3 billion lbs. of polyethylene.
Going forward, Mark Teo will be the Chief Executive Officer and Chairman of the newly formed Allied Plastics Holdings. Menash Oratz, will continue his role as President and Chief Operating Officer. Andrew Teo will assume the role of CFO. The Company also announced the appointment of Manny Rosenfeld, who has been with Allied since it's inception, to VP of Operations.
Mark Teo, had the following comments, "Allied is a great company with strong management, an excellent product and a good reputation. The Company is a perfect fit to our acquisition mold, a strategy we will continue in the future. This partnership allows us to expand our existing product line and continue to grow our business. Our partnership with Mr. Oratz is an exciting one that brings many opportunities."
Menash Oratz was also enthusiastic about the prospects of the partnership, "We are very pleased to be on board with such an industry leader as Sigma. Being part of the Sigma Plastics Group will allow us to access better resources to continue growing our business and service all of our customers needs."
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