Graham Packing To Close Two Facilities In Florida, Alabama, Cites Lower Demand

Thu. September 18, 2008; Posted: 09:06 AM

Sep 18, 2008 (financialwire.net via COMTEX) -- BX | Quote | Chart | News | PowerRating -- September 18, 2008 (FinancialWire) -- Plastic container supplier Graham Packing Co., which is majority owned by Blackstone Group, (NYSE: BX), will close two of its plants due to lower demand by customers, affecting nearly 20 jobs.

The company's Lakeland, Fla. and Montgomery, Ala. locations will shut down Oct. 9 and Nov. 1, respectively.

The company said that several Florida employees will be transferred, while others are will be eligible for severance packages or offered an opportunity to apply for jobs at other locations.

At the Alabama facility, a dozen employees were laid off at the end of August. Of the nine remaining employees, four will be transferred to other plants, while the rest will be given severance packages.

In July, Graham Packaging disclosed an agreement to be acquired by Texas Rangers owner Thomas O. Hicks for $700 million. The deal is expected to close in the fourth quarter. Shares of Blackstone Group added 20 cents to $15.20 in after-hours trading.

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Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .

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For full details on The Blackstone Group L.P (BX) click here. The Blackstone Group L.P (BX) has Short Term PowerRatings of 8. Details on The Blackstone Group L.P (BX) Short Term PowerRatings is available at This Link.

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