News

AEP INDUSTRIES, INC. COMPLETES THE SALE OF ITS FRENCH RIGIDS OPERATIONS

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

FOR IMMEDIATE RELEASE

SOUTH HACKENSACK, N.J., October 30, 1998 – AEP Industries Inc. (Nasdaq:AEPI) today announced that is has completed the sale of Macaple, its fifth and final Rigids plastics divestiture, to the management of that business. Terms of the transaction were not disclosed. Mcaple, located in France, manufactures plastic cutlery.

Brendan Barba, Chairman and Chief Executive Officer, commented, “We continue to remain dedicated to enhancing shareholder value. The 1998 divestiture of our Rigids operations is a key component of our strategy to concentrate on our core businesses in the flexible packaging area.”

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 Privates 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.