BUSINESS MEMO: SPARTECH CORP. TO BUY STOCK

Spartech Corp., which includes two operations in Cape Girardeau -- Spartech Plastics, 2500 Spartech Drive, and Spartech Compounding on Nash Road -- has signed a letter of intent to acquire the stock of Portage Industries Corp. for $6.60 per share.

Portage, of Portage, Wis., is a thermoplastic processor specializing in custom heavy- and light-gauge extrusion and thermoforming products.

The transaction is expected to be completed by May 1.

Bradley B. Buechler, Spartech president and CEO, said Spartech planned to place additional equipment and capital into Portage's facilities over the next 12 to 18 months. He added that key Portage personnel will be retained.

Spartech is a leading manufacturer of engineered thermoplastic materials and polymeric compounds.