Date: December 27, 2001
Source: News Room
U.S. Plastic Lumber Corp. of Boca Raton, Fla. has unanimously approved a signed Purchase Agreement to sell Clean Earth Inc., its environmental services and recycling division, to New CEI, Inc., a corporation recently formed by Founders Equity, an investment group headquartered in New York. The purchase price includes $45 million in cash, the retention of $5.5 million in debt in CEI, and other considerations. The purchase price is subject to adjustment primarily based upon the amount of working capital and debt assumed at closing. The closing of this transaction will be subject to government approval, approval by the shareholders of USPL, consent from certain lenders, and other conditions. The transaction is expected to close by the end of February. More information: U.S. Plastic Lumber Corp., (561) 394-3511.
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