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Ivaco Inc. and Scepter Holdings Inc. Announce Withdrawal of Offering

27 July 1998

Ivaco Inc. and Scepter Holdings Inc. Announce Withdrawal of Proposed Initial Public Offering of IPEX Inc.


    MONTREAL--July 24, 1998--(ME:IVA.A.) (TSE:IVA.A.) Ivaco Inc. and Scepter Holdings Inc. announced today that they have decided not to proceed at this time with their proposed Initial Public Offering of Subordinate Voting Shares of IPEX Inc.
    Current weak financial market conditions for Initial Public Offerings would have dictated selling the IPEX Subordinated Voting Shares at prices which Ivaco and Scepter did not perceive as being their true value.
    IPEX is presently 50 percent-owned by Ivaco and 50 percent-owned by Scepter and is Canada's largest manufacturer of plastic pipe and fittings. Ivaco and Scepter had planned to offer approximately one-third of IPEX to the public. This matter will be reviewed later this year depending on improvement in the condition of financial markets.
    Scepter Holdings Inc. is a private investment company with interests in the plastics industry plus a number of other areas.
    Ivaco is a Canadian corporation and is a leading North American producer of steel, fabricated steel products and other diversified fabricated products. Ivaco has operations in Canada and the United States. Shares of Ivaco are traded on The Toronto Stock Exchange and The Montreal Exchange (IVA).