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2012-05-04 3:02:16 PM
Mason, Michigan — Dart Container has completed its acquisition of Solo Cup Company, headquartered in Lake Forest, IL. Solo, which is now part of the Dart Container organization, manufactures quality single-‐use foodservice products. Dart expects to continue offering products under the Solo brand — including the iconic red Solo cup.
“Our acquisition of Solo will allow us to provide even greater value to our customers in the future,” said CEO Robert C. Dart. “It will enable customers to purchase a wider range of products, made from a greater variety of materials with varying functional and environmental attributes — all from a single vendor. Both companies have an extensive history in the industry and will bring together valuable experience, traditions and complementary, high-‐quality products.
“Our acquisition of Solo will accelerate the progress Solo has made to improve its levels of service and customer support,” said Robert Dart. “We will use our expertise in running a successful, efficient, reliable and service-‐oriented company to create an organization that blends the best of both Dart and Solo for the benefit of our customers.”
Regarding the integration process, Robert Dart pointed out that unlike publicly traded companies, where short-‐term results often are of paramount importance to investors and other stakeholders, privately held Dart Container is able to make decisions and investments that are long term in nature. He said the company has the time, and will take the time, to integrate Solo in a thoughtful, analytical manner to ensure lasting success.
A top priority for Dart Container is bringing together the talents and skills of employees from both organizations to ensure that customers continue to receive exceptionally reliable service.
All of Solo's outstanding 10.5% Senior Secured Notes due 2013 and 8.5% Senior Subordinated Notes due 2014 have been called for redemption at 100% of the principal amount plus accrued and unpaid interest to their respective redemption dates of May 21, 2012 and June 4, 2012. In addition, all funds necessary to pay the redemption price have been deposited with the trustee under the indentures pursuant to which such notes were issued and, accordingly, the indentures and the notes have been satisfied and discharged in accordance with their terms.
Dart Container is family owned and operated, with 7,600 employees and 20 production facilities worldwide. The company manufactures more than 600 products and has facilities in the United States, Canada, Mexico, Argentina, Brazil, Australia and Europe. It also has UV-‐curable ink manufacturing, machinery manufacturing and polymer production facilities. Its headquarters are in Mason, Michigan, where the company was founded in 1960. As a privately held company, Dart Container does not release financial or sales data.
Solo Cup Company is exclusively focused on the manufacture of single-‐use products used to serve food and beverages for the consumer/retail, foodservice and international markets. Solo has broad product offerings available in paper, plastic, foam, post-‐consumer recycled content and annually renewable materials, and creates brand name products under the Solo®, Sweetheart®, Creative Carryouts® and Bare® by Solo® names. The company was established in 1936 and has a global presence with facilities in Canada, Europe, Mexico, Panama and the United States.