[PRCo] PRC buys Advance Packaging

[Fred Schneider]

Ed and Matt:   The Word file is at the bottom.




http://news.google.com/newspapers?id=mUIqAAAAIBAJ&sjid=EE8EAAAAIBAJ&pg=5662%2C281736

 

Pittsburgh Press, August 2, 1963, page 2

 

PRC Acquires Chicago Firm

 

Railways Division Buys Packager

 

   The Pittsburgh Railways Co. has taken another step to diversify by purchasing a Chicago container manufacturing firm.

 

   President C. D. Palmer said today the purchase actually was made by G. Barr & Co., a Chicago aerosol products manufacturing which the railways company acquired in April 1962.

 

   “It is an important acquisition,” Mr. Palmer noted, “but not as significant as the other two that were made – either in cost or size.”

 

   The previous purchases he referred to were the G. Barr firm and the Alarm Device Manufacturing Co., Inc., of Brooklyn acquired last month.

 

   The newly-acquired firm is the Advance Packaging Co., a leading producer of private label containers made of polyethylene, aluminum and cellophane.

 

   Announcement of the deal was made in Chicago but the purchase price was not disclosed.

 

   Mr. Palmer, asked if there were more acquisitions in the wind, replied:

 

   “I don’t think anyone among us can predict when or if we will go further.”

 

   When the County Port Authority takes over the railways firm’s transit assets, the company will remain, he said.

 

   “We will have a corporate shell left which we are going to maintain as a diversified agency,” Mr. Palmer said.

 

   Advance Packaging has been in business since 1945.  Among its products are individual packages of foods used in restaurants.

 

   The Alarm Device firm, a manufacturer of burglary and firm alarm equipment, was purchased for $1,500,000.   It made a $336,000 profit last year on sales of $1,517,000.

 

  Pittsburgh Railways recently announced it made $1,6459,000 profit last year on sales totaling $36,430,000.