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AEP Industries: 2009 profits boosted by Atlantis Plastics acquisition

Plastic packaging films manufacturer AEP Industries (South Hackensack, New Jersey / USA; www.aepinc.com) has reported operating profit (adjusted EBITDA) of USD 63.3m for fiscal 2009 (ended 31 October), a 70% year-on-year increase. The rise in profits reflects synergies resulting from the acquisition of Atlantis Plastics (Atlanta, Georgia / USA; www.atlantisplastics.com) in October 2008, increased volumes and lower resin costs.

Sales in the year were USD 745m, 2.3% down on 2008, due to a reduction in average selling prices and falling resin costs, partially offset by a 15.9% increase in sales volumes due to the Atlantis acquisition.

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