 |
 |
 |
 |
 |
 |
 |
 |
 |
|
 |
|
 |
|
 |
|
 |
September 1999 CPI PLASTICS GROUP LTD. ACQUIRES EXTRUFIX INC
MISSISSAUGA, ONTARIO - CPI Plastics Group Ltd. is pleased to announce the acquisition of Extrufix Inc., a plastic film extruder with manufacturing facilities in Pefferlaw, ON and an office/warehouse in Richmond Hill, ON.
Extrufix, which was founded in 1970 by Frank and Oonagh McNerney, has been engaged since then in the manufacture, distribution and sale of Rack Sack™, and several lines of plastic bags under the Extrufix name and other private label brand names. The popular Rack Sack™ waste disposal system, which fits on a kitchen cupboard door under the sink, has been helping Canadians take out the garbage for 30 years. The Rack Sack™ refills are sold in most grocery, hardware and mass merchandise stores including Canadian Tire, Safeway and Wal-Mart in Canada and Publix, K-Mart and Home Depot in the U.S. The Extrufix line of plastic bags includes outdoor and indoor garbage bags, lunch bags, freezer and sandwich bags and cat pan liners.
Ms. Susan McNerney, President of Extrufix, stated that the acquisition will enable Extrufix to significantly expand its operations into the United States to meet the growing demand for its products.
Peter Clark, CPI’s Chairman, indicated that CPI has created a new division to be headed by Susan McNerney to develop consumer products utilizing CPI’s core competencies, including the revolutionary wood replacement product, Extrudawood, and those developed by Extrufix. “This is an exciting development for CPI and will provide a myriad of growth opportunities” quoted Peter Clark. CPI is a North American leader in the design, engineering and manufacturing of thermoplastic extrusions. In addition to Extrudawood, CPI’s products also include decorative trim and functional parts for a variety of industries such as the automotive and appliance manufacturers. CPI is based in Mississauga, Ontario and will now have six manufacturing plants in Ontario as well as distribution facilities in Elkhart, Indiana and Orlando, Florida. CPI employs more than 650 people. CPI Plastics Group Ltd. is listed on the Toronto Stock Exchange and trades under the symbol of CPI.
