Canadian Plastics

CPI Plastics Acquires Extrufix

Film extruder and converter Extrufix Inc. (Richmond Hill, Ont.) has been purchased by CPI Plastics Group Ltd. CPI, based in Mississauga, Ont., acquired 100 percent of the shares of Extrufix for $9.5 m...

November 1, 1999   Canadian Plastics



Film extruder and converter Extrufix Inc. (Richmond Hill, Ont.) has been purchased by CPI Plastics Group Ltd. CPI, based in Mississauga, Ont., acquired 100 percent of the shares of Extrufix for $9.5 million, according to a release issued by the company. The Extrufix line of plastic bags and products includes outdoor and indoor garbage bags, lunch bags, freezer and sandwich bags, as well as its well-known, proprietary Rack Sack. For the 10-month period ending July 31, 1999, Extrufix had consolidated sales of approximately $10 million.

According to the release, Susan and Michael McNerney, the two senior members of the Extrufix management group, have both entered into five-year employment arrangements to manage the Extrufix business within CPL.

Peter Clark, CPI’s chairman, stated that Susan McNerney will head the new division and be responsible for developing consumer products utilizing CPI’s core competencies.

“This is an exciting development for CPI and will provide a myriad of growth opportunities at higher-than average profit margins,” Clark said.

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