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Technical Packaging Divestiture | 12 Months Ended
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Sep. 30, 2021
Technical Packaging Divestiture |
Technical Packaging Divestiture | 3. Technical Packaging Divestiture In December 2019, we completed the sale of our Technical Packaging business segment, consisting of our wholly-owned subsidiaries Thermoform Engineered Quality LLC, Plastique Ltd. and Plastique sp. z o.o. (the “Technical Packaging Business”), to Sonoco Plastics, Inc. and Sonoco Holdings, Inc. (“Buyers”), two wholly-owned subsidiaries of Sonoco Products Company (NYSE:SON). The companies within this segment provide innovative solutions to the medical and commercial markets for thermoformed packages and specialty products using a wide variety of thin gauge plastics and pulp. Results of operations, financial position and cash flows for the Technical Packaging business are reflected as discontinued operations in the Consolidated Financial Statements and related notes for all periods presented. Net sales from the Technical Packaging business were $16.5 million and $86.9 million in 2020 and 2019, respectively. Pretax (loss) earnings from the Technical Packaging business was $(0.3) million and $4.3 million in 2020 and 2019, respectively. We received net proceeds from the sale of approximately $184 million and recorded $76.5 million after-tax net earnings on the sale in 2020. We finalized a contractual working capital adjustment and paid $0.2 million to the buyer during the third quarter of 2020.

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