Ropak Founding Family Members Sell Common Stock to Linpac

Ropak Corp. said Monday that an English plastics firm has purchased all the common stock held by the founding Roper family, in a deal worth at least $10.3 million.

Linpac Mouldings Ltd. bought 985,520 shares of Ropak stock for $10.50 a share. In addition, stock options held by the Roper family for an additional 132,000 shares were canceled for payment of an additional, but undisclosed, amount by Linpac.

Linpac signed employment and non-competition agreements with the family members who are currently on the company's management team, including Chairman William H. Roper, and senior executives C. Richard Roper and Robert E. Roper.

In recent filings to the Securities and Exchange Commission, Linpac, which is based in Birmingham, England, has said it owns 3 million shares of Ropak common stock, or 58%, including the latest purchase from the Ropers.

Ropak is a Fullerton-based maker of plastic shipping containers with 10 manufacturing plants across the United States and Canada. Ropak closed unchanged at $10.25 a share Monday in Nasdaq trading.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
57°