DuPont to acquire Liqui-Box

Enhance Packaging Technologies, a subsidiary of DuPont Canada, is to acquire all of the outstanding common shares of Liqui-Box, pursuant to a cash merger transaction, at $67 per share, for a total purchase price of approximately $333 million.

The transaction is expected to close in May or June, subject to regulatory and Liqui-Box shareholder approval.

DuPont Canada will bring together Liqui-Box's business with that of Enhance, which also provides packaging systems for pumpable foods for retail applications.

The new entity will operate as Liqui-Box, a DuPont Canada company, under the leadership of Ash Sahi, Enhance's President and CEO. The company will have operations in North America, South America, Europe and Asia and more than 1,000 employees.

The transaction will immediately position DuPont Canada as a leading provider of liquid packaging systems.

For the fiscal year ended December 29, 2001, Liqui-Box posted revenue of $145.2 million, with net earnings of $13.5 million, or $3.01 per fully diluted common share.