News

AEP INDUSTRIES INC. COMPLETES THE SALE OF ITS ORIENTED POLYPROPYLENE BUSINESS

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., May 3, 1999, AEP Industries Inc. (NASDAQ-NMS:AEPI) announced today that it has completed the previously announced sale of its Oriented Polypropylene business to Applied Extrusion Technologies (NASDAQ-NMS:AETC). The transaction was completed in accordance with the prior announcements made by both companies, although the final closing price slightly exceed the anticipated $13 million sale price, due to the purchase of certain inventory items by Applied Extrusion Technologies.

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.