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Phoenix Container, headquartered in North Brunswick, NJ operates one plant there producing a wide range of steel pails used for packaging industrial and consumer products. The Company generated net sales during 2009 of $34 million. The acquisition was funded with available cash on hand and borrowings under the Company's revolving credit facility.
Commenting on the acquisition, Ken Roessler, BWAY's President and Chief Executive Officer, stated that, "This acquisition represents a continuation of BWAY's strategy to invest in growth within our core markets where significant synergies exist. Phoenix Container serves to expand our geographic coverage in the North American steel pail market, provides opportunity for manufacturing optimization and investment, and will allow the Company to more effectively serve a wider range of customers."
Commenting on the acquisition, Ken Roessler, BWAY's President and Chief Executive Officer, stated that, "This acquisition represents a continuation of BWAY's strategy to invest in growth within our core markets where significant synergies exist. Phoenix Container serves to expand our geographic coverage in the North American steel pail market, provides opportunity for manufacturing optimization and investment, and will allow the Company to more effectively serve a wider range of customers."
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