Spartech Corp., producer of plastic sheet, compounds, and packaging products, announced operating results for its 2009 third quarter recently. But in the press release announcing the company’s financial status the company disclosed that it entered into an agreement to sell its profiles extrusion business located in Winnipeg, Manitoba, Canada, to Acrylon Plastics Inc. The sale of this business, which has annual sales of approximately $9 million, is expected to close in October 2009 and will subsequently be reported as a discontinued operation, according to the press release.Additionally, the company announced that it will consolidate its Lockport, N.Y., compounding operation into existing facilities which is expected to be complete by the end of fiscal 2009.

Net sales for the third quarter were $241.7 million, down 30 percent from the prior year The company reports that sales volumes have been at relatively stable levels for the past six months.

Company officials say the business has been successful at reducing its debt. Cash flow from operations of $26.9 million funded debt paydown of $26.5 million in the quarter. In the last four quarters, the company has generated $81.8 million of free cash flow and paid down $76.7 million of debt, according to the press release.


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