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Archive for January, 1998

AEP INDUSTRIES INC. COMPLETES SALE OF SOUTH AFRICAN OPERATIONS

Wednesday, January 21st, 1998

CONTACT: Paul Feeney
Executive Vice President and
Chief Financial Officer
(201) 807-2330
e-mail: feeneyp@aepinc.com

FOR IMMEDIATE RELEASE
AEP INDUSTRIES INC. COMPLETES SALE OF SOUTH AFRICAN OPERATIONS

SOUTH HACKENSACK, N.J., January 21, 1998 – AEP Industries Inc. (Nasdaq:AEPI) announced today that it has completed the sale of its South African operations to the management of those operations. Terms of the transaction were not disclosed. The South African business, which generated $15 million in annual revenues, was not profitable in 1997. AEP acquired the South African business with the purchase of Borden Global Packaging in October 1996.

Brendan Barba, Chairman and Chief Executive Officer of AEP, commented: “The sale of our South African business is a step forward in our strategy to divest non-core operations as well continue to focus our attention on strengthening our domestic business as well as implement a program to improve the efficiency of our worldwide operations.”

AEP Industries Inc. manufactures, markets, and distributes an extensive range of plastic packaging products for the food/beverage, industrial and agricultural markets. The Company has operations in 11 countries throughout North America, Europe and Asia/Pacific.

Except for historical information contained herein, statements in the release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company’s actual results in future periods to differ materially from forecasted results. Those risks include, but are not limited to, risks associated with pricing, volume and conditions of markets. Those and other risks are described in the Company’s filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or may be obtained upon request from the Company.

You can access AEP Finanacial Tables here.