US packaging firm Chesapeake Corporation is to sell all its non-US operations, including its plant in the North and four packaging divisions in the Republic, to a group of private equity firms.
The Virginia-based group had filed for voluntary Chapter 11 bankruptcy protection and has now reached an agreement to sell all of its operating businesses for $485m to a group of investors, including affiliates of Irving Place Capital Management and Oaktree Capital Management. It is believed the private equity group intends to continue operating the businesses, 44 in total, as a going concern.
The company operates three paperboard packaging plants in Dublin, Limerick and Westport and has a plastic packaging division in Ballyconnell, Co Cavan.
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