Tenneco Packaging and Sentinel Products Announce Joint Venture
15 December 1998
Tenneco Packaging and Sentinel Products Announce Global Joint Venture
LAKE FOREST, Ill.--Dec. 15, 1998--Tenneco Packaging and Sentinel Products Corp. have formed a global joint venture to be called Sentinel Polyolefins L.L.C., owned equally by Tenneco Packaging and Sentinel.The joint venture leverages Sentinel's leading-edge technology in engineered polyolefin foams. The new business will focus on these specialty foams, which are used in a wide variety of applications in the automotive, sports and leisure, medical and adhesive tape and industrial gasket markets. "This new venture demonstrates Tenneco Packaging's commitment to research and development as an engine to drive growth and profitability," said Paul T. Stecko, Tenneco president and chief operating officer.
Scott C. Smith, formerly chief operating officer of Sentinel, has been named president and CEO of the new venture. Headquarters will be in Hyannis, Mass., with manufacturing facilities in Richfield Springs, N.Y. and St. Johnsville, N.Y.
"Sentinel's recognized innovation, market presence and entrepreneurial culture, combined with Tenneco Packaging's global stature in a new, stand-alone company, provide us with another solid platform from which to launch rapid growth," added Paul J. Griswold, senior vice president, Protective Packaging & International Operations, Tenneco Packaging.
Separately, Tenneco Packaging acquired Sentinel's H-Cell(R) foam packaging assets, adding the assets to its global protective packaging business.
"Tenneco Packaging's global distribution network will speed the growth of Sentinel Polyolefin's leading foam technology," said Smith. "Tenneco Packaging is an ideal partner because of its commitment to world class manufacturing and its appreciation of the speed and flexibility necessary to rapidly commercialize new technology."
Terms were not disclosed.
Tenneco Packaging is one of the world's leading manufacturers of packaging and related products. Its protective packaging business manufactures foam, plastic and kraft honeycomb products to meet the needs of both domestic and international customers for sturdy packaging which protects goods on their way to market or to the consumer. Its specialty businesses are market leaders in food containers and packaging made from aluminum foil, clear plastic, polystyrene foam, molded fiber and pressed paperboard, as well as polyethylene bags and industrial stretch wrap. The company's paperboard businesses focus on value-added corrugated packaging, folding cartons and containerboard, as well as specialty products such as point-of-purchase displays. Consumer products include Hefty(R) trash bags, Hefty OneZip(R) and Baggies(R) food storage bags, E-Z Foil(R) single-use cookware and Hefty(R) tableware.
Sentinel Products Corporation is a global leader in specialty polyolefin foams and has grown in excess of 30 percent annually in the last seven years to more than $50 million in sales in 1998. The company has more than 300 employees.
Tenneco is an $8 billion global manufacturing company headquartered in Greenwich, Conn., with 50,000 employees worldwide. Its other major business, Tenneco Automotive, is one of the world's largest producers and marketers of ride control products and exhaust systems, which are sold under the Monroe(R) and Walker(R) brand names. Among its products are Sensa-Trac(R) and Rancho(R) shock absorbers, Walker Quiet-Flow(TM) mufflers and DynoMax(TM) performance mufflers, and Monroe Clevite(TM) vibration control components. For more information about the Tenneco, visit the Tenneco website at http://www.tenneco.com
For more information about Tenneco, visit the Tenneco website at http://www.tenneco.com