Exhibit 10.5
 EXECUTION COPY




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Table of Contents
 Page1. AUTHORIZATION OF NOTES, ETC.
    
    
    11.1. The Notes
    
    
    11.2. The Subsidiary Guarantees
    
    
    12. SALE AND PURCHASE OF NOTES
    
    
    13. CLOSING
    
    
    24. CONDITIONS TO CLOSING
    
    
    24.1. Representations and Warranties
    
    
    24.2. Performance; No Default
    
    
    24.3. Compliance Certificates
    
    
    34.4. Opinions of Counsel
    
    
    34.5. Subsidiary Guarantees
    
    
    34.6. Purchase Permitted by Applicable Law, etc.
    
    
    34.7. Sale of Notes to Other Purchasers
    
    
    44.8. Payment of Special Counsel Fees
    
    
    44.9. Private Placement Number
    
    
    44.10. Funding Instructions
    
    
    44.11. Changes in Corporate Structure
    
    
    44.12. Rating
    
    
    44.13. Proceedings and Documents
    
    
    45. REPRESENTATIONS AND WARRANTIES OF THE COMPANY
    
    
    55.1. Organization; Power and Authority
    
    
    55.2. Authorization, etc.
    
    
    55.3. Disclosure
    
    
    55.4. Organization and Ownership of Shares of Subsidiaries; Affiliates
    
    
    65.5. Financial Statements
    
    
    65.6. Compliance with Laws, Other Instruments, etc.
    
    
    75.7. Governmental Authorizations, etc.
    
    
    75.8. Litigation; Observance of Agreements, Statutes and Orders
    
    
    75.9. Taxes
    
    
    75.10. Title to Property; Leases
    
    
    85.11. Licenses, Permits, etc.
    
    
    85.12. Compliance with ERISA
    
    
    85.13. Private Offering by the Company
    
    
    95.14. Use of Proceeds; Margin Regulations
    
    
    95.15. Existing Indebtedness; Future Liens
    
    
    105.16. Foreign Assets Control Regulations, etc.
    
    
    105.17. Status Under Certain Statutes
    
    
    115.18. Environmental Matters
    
    
    11




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Page5.19. Solvency
    
    
    116. REPRESENTATIONS OF THE PURCHASER
    
    
    116.1. Purchase of Notes
    
    
    116.2. Source of Funds
    
    
    127. INFORMATION AS TO COMPANY
    
    
    137.1. Financial and Business Information
    
    
    137.2. Officers Certificate
    
    
    167.3. Inspection
    
    
    168. PAYMENT AND PREPAYMENT OF THE NOTES
    
    
    178.1. Payment at Maturity
    
    
    178.2. Optional Prepayments
    
    
    178.3. Allocation of Partial Prepayments
    
    
    188.4. Maturity; Surrender, etc.
    
    
    188.5. Purchase of Notes
    
    
    189. AFFIRMATIVE COVENANTS
    
    
    189.1. Compliance with Law
    
    
    199.2. Insurance
    
    
    199.3. Maintenance of Properties
    
    
    199.4. Payment of Taxes and Claims
    
    
    199.5. Corporate Existence, etc.
    
    
    209.6. Additional Subsidiary Guarantees; Release of Subsidiary Guarantees, etc.
    
    
    2010. NEGATIVE COVENANTS
    
    
    2110.1. Total Indebtedness; Subsidiary Indebtedness
    
    
    2110.2. Liens
    
    
    2210.3. Limitation on Sale and Leaseback Transactions
    
    
    2310.4. Maintenance of Net Worth
    
    
    2410.5. Asset Sales
    
    
    2410.6. Merger, Consolidation, etc.
    
    
    2510.7. Transactions with Affiliates
    
    
    2511. EVENTS OF DEFAULT
    
    
    2612. REMEDIES ON DEFAULT, ETC.
    
    
    2812.1. Acceleration
    
    
    2812.2. Other Remedies
    
    
    2812.3. Rescission
    
    
    2912.4. No Waivers or Election of Remedies, Expenses, etc.
    
    
    2913. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES
    
    
    2913.1. Registration of Notes
    
    
    2913.2. Transfer and Exchange of Notes
    
    
    3013.3. Replacement of Notes
    
    
    30
 (ii)




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Page14. PAYMENTS ON NOTES
    
    
    3114.1. Place of Payment
    
    
    3114.2. Home Office Payment
    
    
    3115. EXPENSES, ETC.
    
    
    3115.1. Transaction Expenses
    
    
    3115.2. Survival
    
    
    3216. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
    
    
    3217. AMENDMENT AND WAIVER
    
    
    3217.1. Requirements
    
    
    3217.2. Solicitation of Holders of Notes
    
    
    3317.3. Binding Effect, etc.
    
    
    3317.4. Notes held by Company, etc.
    
    
    3318. NOTICES
    
    
    3419. REPRODUCTION OF DOCUMENTS
    
    
    3420. CONFIDENTIAL INFORMATION
    
    
    3421. SUBSTITUTION OF PURCHASER
    
    
    3522. MISCELLANEOUS
    
    
    3622.1. Successors and Assigns
    
    
    3622.2. Construction
    
    
    3622.3. Jurisdiction and Process; Waiver of Jury Trial
    
    
    3622.4. Payments Due on Non-Business Days
    
    
    3722.5. Severability
    
    
    3722.6. Accounting Terms; Pro Forma Calculations
    
    
    3722.7. Counterparts
    
    
    3722.8. Governing Law
    
    
    38
 Schedule A
    
    
    
    Names and Addresses of PurchasersSchedule B
    
    
    
    Defined TermsExhibit 1.1
    
    
    
    Form of 5.78% Senior Note due 2011Exhibit 1.2
    
    
    
    Form of Subsidiary GuaranteeExhibit 4.4(a)
    
    
    
    Form of Opinion of Special Counsel for the CompanyExhibit 4.4(b)
    
    
    
    Form of Opinion of Special Counsel for the PurchasersSchedule 5.3
    
    
    
    Disclosure DocumentsSchedule 5.4
    
    
    
    SubsidiariesSchedule 5.5
    
    
    
    Financial StatementsSchedule 5.15
    
    
    
    Existing Indebtedness
 (iii)




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Company Purchaser Purchasers
 1. AUTHORIZATION OF NOTES, ETC.
 1.1. The Notes.
 Notes Notes
 1.2. The Subsidiary Guarantees
 Subsidiary
Guarantee Subsidiary Guarantees
 2. SALE AND PURCHASE OF NOTES.




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3. CLOSING.
 Closing
  4. CONDITIONS TO CLOSING.
  4.1. Representations and Warranties.
  4.2. Performance; No Default.
  2




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4.3. Compliance Certificates.
 Officers Certificate
 Secretarys Certificate
 4.4. Opinions of Counsel.
  4.5. Subsidiary Guarantees.
 Subsidiary Guarantor Subsidiary Guarantors
 4.6. Purchase Permitted by Applicable Law, etc.
  3




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4.7. Sale of Notes to Other Purchasers.
  4.8. Payment of Special Counsel Fees.
  4.9. Private Placement Number.
  4.10. Funding Instructions.
  4.11. Changes in Corporate Structure.
  4.12. Rating.
  4.13. Proceedings and Documents.
  4




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5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.
  5.1. Organization; Power and Authority.
  5.2. Authorization, etc.
  5.3. Disclosure.
 Disclosure Documents
 5




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5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates.
     5.5. Financial Statements.
  6




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5.6. Compliance with Laws, Other Instruments, etc.
  5.7. Governmental Authorizations, etc.
  5.8. Litigation; Observance of Agreements, Statutes and Orders.
   5.9. Taxes.
 
 7




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5.10. Title to Property; Leases.
  5.11. Licenses, Permits, etc.
    5.12. Compliance with ERISA.
  8




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benefit liabilities current value present value
    5.13. Private Offering by the Company.
  5.14. Use of Proceeds; Margin Regulations.
  9




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margin stock purpose of buying or carrying
 5.15. Existing Indebtedness; Future Liens.
   5.16. Foreign Assets Control Regulations, etc.
    10




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5.17. Status Under Certain Statutes.
  5.18. Environmental Matters.
     5.19. Solvency.
  6. REPRESENTATIONS OF THE PURCHASER
 6.1. Purchase of Notes.
  11




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provided
 6.2. Source of Funds.
 Source
 PTE NAIC Annual Statement
   QPAM Exemption
 12




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INHAM Exemption
     7. INFORMATION AS TO COMPANY.
 7.1. Financial and Business Information.
  Quarterly Statements
   13




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Annual Statements
       14




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SEC and Other Reports
 Notice of Default or Event of Default
 ERISA Matters
    15




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Notices from Governmental Authority
 Requested Information
 7.2. Officers Certificate.
  Covenant Compliance
 Default
 7.3. Inspection.
  No Default
 16




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Default
 8. PAYMENT AND PREPAYMENT OF THE NOTES.
 8.1. Payment at Maturity.
  8.2. Optional Prepayments.
      17




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8.3. Allocation of Partial Prepayments.
  8.4. Maturity; Surrender, etc.
  8.5. Purchase of Notes.
    9. AFFIRMATIVE COVENANTS.
  18




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9.1. Compliance with Law.
  9.2. Insurance.
  9.3. Maintenance of Properties.
  9.4. Payment of Taxes and Claims.
  19




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9.5. Corporate Existence, etc.
  9.6. Additional Subsidiary Guarantees; Release of Subsidiary Guarantees, etc.
    20




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10. NEGATIVE COVENANTS.
  10.1. Total Indebtedness; Subsidiary Indebtedness.
           21




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10.2. Liens.
       22




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10.3. Limitation on Sale and Leaseback Transactions.
 transfer
   23




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10.4. Maintenance of Net Worth.
  10.5. Asset Sales.
 Asset
Sale
        24




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10.6. Merger, Consolidation, etc.
      surviving corporation
   10.7. Transactions with Affiliates.
  25




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11. EVENTS OF DEFAULT.
 Event of Default
       26




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27




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employee benefit plan employee welfare benefit
plan
 12. REMEDIES ON DEFAULT, ETC.
 12.1. Acceleration.
     12.2. Other Remedies.
  28




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12.3. Rescission.
  12.4. No Waivers or Election of Remedies, Expenses, etc.
  13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES.
 13.1. Registration of Notes.
  29




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13.2. Transfer and Exchange of Notes.
   13.3. Replacement of Notes.
     30




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14. PAYMENTS ON NOTES.
 14.1. Place of Payment.
  14.2. Home Office Payment.
  15. EXPENSES, ETC.
 15.1. Transaction Expenses.
  31




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15.2. Survival.
  16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.
  17. AMENDMENT AND WAIVER
 17.1. Requirements.
  32




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17.2. Solicitation of Holders of Notes.
 Solicitation
 Payment
 17.3. Binding Effect, etc.
 this Agreement
 17.4. Notes held by Company, etc.
  33




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18. NOTICES.
      19. REPRODUCTION OF DOCUMENTS
  20. CONFIDENTIAL INFORMATION.
  34




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21. SUBSTITUTION OF PURCHASER
  35




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22. MISCELLANEOUS.
 22.1. Successors and Assigns.
  22.2. Construction.
  22.3. Jurisdiction and Process; Waiver of Jury Trial.
 in personam in personam
   36




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THE COMPANY WAIVES TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS
AGREEMENT, THE OTHER AGREEMENTS, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR
THEREWITH.
 22.4. Payments Due on Non-Business Days.
  22.5. Severability.
  22.6. Accounting Terms; Pro Forma Calculations.
   22.7. Counterparts.
  37




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22.8. Governing Law.
  38




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Very truly yours,SPARTECH CORPORATIONBy       /s/ Randy C. MartinName:
    Randy C. MartinTitle:
    Executive VP & CFO The foregoing is hereby agreed to as of the date thereof.CUNA MUTUAL LIFE INSURANCE COMPANYBy:
    
    MEMBERS Capital Advisors, Inc.,acting as Investment Advisor:By
    
    /s/ John PetchlerName: John PetchlerTitle: Sr. Vice President,Managing Director  InvestmentsCUNA MUTUAL INSURANCE SOCIETYBy:
    
    MEMBERS Capital Advisors, Inc.,acting as Investment Advisor:By
    
    /s/ John PetchlerName: John PetchlerTitle: Sr. Vice President,Managing Director  Investments
 39




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CUMIS INSURANCE SOCIETY, INC.By:
    
    MEMBERS Capital Advisors, Inc.,acting as Investment Advisor:By
    
    /s/ John PetchlerName: John Petchler

Title: Sr. Vice President,

          Managing Director  InvestmentsMEMBERS LIFE INSURANCE COMPANYBy:
    
    MEMBERS Capital Advisors, Inc.,acting as Investment Advisor:By
    
    /s/ John PetchlerName: John PetchlerTitle: Sr. Vice President,Managing Director  Investments
 THE NORTHWESTERN MUTUAL LIFE  INSURANCE COMPANY
 By
    
    /s/ Mark E. Kishler

Name: Mark E. Kishler
Title: Its Authorized Representative
 40




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Principal Amount ofName and Address of Purchaser
    
    Notes to be PurchasedCUNA MUTUAL INSURANCE SOCIETY
    
    $
    10,500,000
  (1)
    
    All payments by wire transfer of immediately
available funds to:State Street BankDTC/New York Window
55 Water Street
Plaza Level, 3rd floor
New York, NY 10041
Account Name: CUNA Mutual Insurance Company
Account Number: ZT1E
ABA/Routing: 011000028

with sufficient information to identify
the issue to which the payment relates and
to identify the amount of
 interest,

principal or premium.(2)
    
    All notices of payment and written
confirmations of such wire transfers:State Street Bank
Attn: Brian Kershner
801 Pennsylvania
Kansas City, MO 64105
Fax: (816) 691-5545
E-mail: bdkersh@statestreetkc.comWith copy to:CUNA Mutual Life Insurance Society
Attn: Rosie Pope
5910 Mineral Point Road
Madison, WI 53705-4456
Fax: (608) 231-8591
E-mail: rosie.pope@cunamutual.com




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Principal Amount ofName and Address of Purchaser
    
    Notes to be Purchased
 (3)
    
    Address for all other communications:CUNA Mutual Insurance Society
Attn: Managing Director - Investments
5910 Mineral Point Road
Madison, WI 53705-4456
Telephone: (608) 231-8255
Fax: (608) 236-6224
E-mail: john.petchler@cunamutual.comWith copy to:CUNA Mutual Insurance Society
Attn: Associate General Counsel
5910 Mineral Point Road
Madison, WI 53705-4456
Telephone: (608) 231-7653
Fax: (608) 236-7653
E-mail: steve.suleski@cunamutual.com(4)
    
    Tax Identification No.: 39-0230590
 A-2




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Principal Amount ofName and Address of Purchaser
    
    Notes to be PurchasedCUMIS INSURANCE SOCIETY
    
    $
    5,250,000
  (1)
    
    All payments by wire transfer of
immediately available funds to:State Street BankDTC/New York Window
55 Water Street
Plaza Level, 3rd floor
New York, NY 10041
Account Name: CUMIS Insurance Society
Account Number: ZT1I


ABA/Routing: 011000028

with sufficient information to identify
the issue to which the payment relates and
to identify the amount of
 interest,

principal or premium.(2)
    
    All notices of payment and written
confirmations of such wire transfers:State Street Bank
Attn: Brian Kershner
801 Pennsylvania
Kansas City, MO 64105
Fax: (816) 691-5545
E-mail: bdkersh@statestreetkc.comWith copy to:CUNA Mutual Life Insurance Society
Attn: Rosie Pope
5910 Mineral Point Road
Madison, WI 53705-4456
Fax: (608) 231-8591
E-mail: rosie.pope@cunamutual.com




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##### 



Principal Amount ofName and Address of Purchaser
    
    Notes to be Purchased
 (3)
    
    Address for all other communications:CUNA Mutual Insurance Society
Attn: Managing Director - Investments
5910 Mineral Point Road
Madison, WI 53705-4456
Telephone: (608) 231-8255
Fax: (608) 236-6224
E-mail: john.petchler@cunamutual.comWith copy to:CUNA Mutual Insurance Society
Attn: Associate General Counsel
5910 Mineral Point Road
Madison, WI 53705-4456
Telephone: (608) 231-7653
Fax: (608) 236-7653
E-mail: steve.suleski@cunamutual.com(4)
    
    Tax Identification No.: 39-0972608
 A-2




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Principal Amount ofName and Address of Purchaser
    
    Notes to be PurchasedMEMBERS LIFE INSURANCE COMPANY
    
    $
    3,500,000
  (1)
    
    All payments by wire transfer of
immediately available funds to:State Street Bank
DTC/New York Window
55 Water Street
Plaza Level, 3rd floor
New York, NY 10041
Account Name: MEMBERS Life Insurance Company
Account Number: ZT1J
ABA/Routing: 011000028with sufficient information to identify
the issue to which the payment relates and
to identify the amount of
 interest,

principal or premium.(2)
    
    All notices of payment and written
confirmations of such wire transfers:State Street Bank
Attn: Brian Kershner
801 Pennsylvania
Kansas City, MO 64105
Fax: (816) 691-5545
E-mail: bdkersh@statestreetkc.comWith copy to:CUNA Mutual Life Insurance Society
Attn: Rosie Pope
5910 Mineral Point Road
Madison, WI 53705-4456
Fax: (608) 231-8591
E-mail: rosie.pope@cunamutual.com




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Principal Amount ofName and Address of Purchaser
    
    Notes to be Purchased
 (3)
    
    Address for all other communications:CUNA Mutual Insurance Society
Attn: Managing Director - Investments
5910 Mineral Point Road
Madison, WI 53705-4456
Telephone: (608) 231-8255
Fax: (608) 236-6224
E-mail: john.petchler@cunamutual.comWith copy to:CUNA Mutual Insurance Society
Attn: Associate General Counsel
5910 Mineral Point Road
Madison, WI 53705-4456
Telephone: (608) 231-7653
Fax: (608) 236-7653
E-mail: steve.suleski@cunamutual.com(4)
    
    Tax Identification No.: 39-1236386
 A-2




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Principal Amount ofName and Address of Purchaser
    
    Notes to be PurchasedCUNA MUTUAL LIFE INSURANCE COMPANY
    
    $
    15,750,000
  (1)
    
    All payments by wire transfer of immediately
available funds to:State Street BankDTC/New York Window
55 Water Street
Plaza Level, 3rd floor
New York, NY 10041
Account Name: CUNA Mutual Life Insurance
Company
Account Number: ZT2A
ABA/Routing: 011000028with sufficient information to identify
the issue to which the payment relates and
to identify the amount of
 interest,

principal or premium.(2)
    
    All notices of payment and written
confirmations of such wire transfers:State Street Bank
Attn: Brian Kershner
801 Pennsylvania
Kansas City, MO 64105
Fax: (816) 691-5545
E-mail: bdkersh@statestreetkc.comWith copy to:CUNA Mutual Life Insurance Society
Attn: Rosie Pope
5910 Mineral Point Road
Madison, WI 53705-4456
Fax: (608) 231-8591
E-mail: rosie.pope@cunamutual.com




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##### 



Principal Amount ofName and Address of Purchaser
    
    Notes to be Purchased
 (3)
    
    Address for all other communications:CUNA Mutual Insurance Society
Attn: Managing Director - Investments
5910 Mineral Point Road
Madison, WI 53705-4456
Telephone: (608) 231-8255
Fax: (608) 236-6224
E-mail: john.petchler@cunamutual.comWith copy to:CUNA Mutual Insurance Society
Attn: Associate General Counsel
5910 Mineral Point Road
Madison, WI 53705-4456
Telephone: (608) 231-7653
Fax: (608) 236-7653
E-mail: steve.suleski@cunamutual.com(4)
    
    Tax Identification No.: 42-0388260
 A-2




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Principal Amount ofName and Address of Purchaser
    
    Notes to be PurchasedTHE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
    
    $
    15,000,000
  
 For the account of:
 Northwestern Mutual Life
Account No. 182380324521with sufficient information to identify
the source of the transfer, the amount
of interest,
 principal or premium,
 the

series of Notes and the PPN(2)
    
    All notices of payment and written
confirmations of such wire transfers:720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention: Investment Operations
Fax: (414) 625-6998(3)
    
    Address for all other communications:720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention: Securities Department
Fax: (414) 665-7124(4)
    
    Tax Identification No.: 39-0509570




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DEFINED TERMS
  Affiliate Control
 Anti-Terrorism Order
 Attributable Debt
 Borrowing Facility Indebtedness
 Business Day




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Capital Lease
 Capitalized Lease Obligations
 Closing
 Code
 Company
 Confidential Information
 Consolidated Capitalization
 Consolidated Indebtedness
 Consolidated Interest Expense
 Consolidated Net Income
    B-2




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Consolidated Net Worth
 Default
 Default Rate
 Domestic Subsidiary
 EBITDA
 Environmental Laws
 ERISA
 ERISA Affiliate
 Event of Default
 B-3




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Exchange Act
 Existing Bank Credit Facilities
 Existing Bank Credit Facility
 GAAP
 Governmental Authority
     Guaranty
    B-4




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Hazardous Material
 holder
 Indebtedness
         B-5




---



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Institutional Investor
 Lien
 Make-Whole Amount
 Called Principal
 Discounted Value
 Reinvestment Yield
 B-6




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Remaining Average Life
 Remaining Scheduled Payments
 Settlement Date
 Material
 Material Adverse Effect
 Maximum Amount
 B-7




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Multiemployer Plan
 1997 Senior Notes
 Notes
 Officers Certificate
 PBGC
 Person
 Plan
 Preferred Securities Agreements
 Preferred Stock
 property properties
 PTE
 Purchaser
 B-8




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Required Holders
 Responsible Officer
 SEC
 Securities Act
 Senior Financial Officer
 Significant Subsidiary
 Spartech Canada
 Spartech Canada Bank Credit Facility
 Subsidiary
 Subsidiary Guarantee
 Subsidiary Guarantor
 Swaps
 B-9




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Swap Termination Value
 Total Indebtedness to EBITDA Ratio
 2004 Senior Notes
 USA Patriot Act
 Voting Stock
 Wholly-Owned Subsidiary
 B-10




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[FORM OF NOTE]
   No. R-[]
    
    New York, New York$[]
    
    [Date]PPN: 847220 C@ 7
 Company
  Note Purchase Agreement




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SPARTECH CORPORATIONByTitle:




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Guarantor Obligees
 Company Note Agreement Notes
   Guarantee
 et seq
  Guaranteed Obligations Debtor Relief Laws




---



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Guarantee Absolute
      2




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Waivers
      Waiver of Subrogation and Contribution
 Representations and Warranties
  3




---



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Amendments, Etc
 Addresses for Notices
 No Waiver; Remedies
 4




---



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Continuing Guarantee
 Jurisdiction and Process; Waiver of Jury Trial in personam in personam
    5




---



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Governing Law
 6




---



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[GUARANTOR]ByTitle:Address:Attention: 
 7




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Re: Spartech Corporation
 Sale of 5.78% Senior Notes due 2011




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2




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3




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4




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5




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2




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3




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1.
    
    Form 8-K dated January 12, 2006, filed with the Securities and Exchange Commission January
12, 2006.2.
    
    Form 8-K dated March 7, 2006, filed with the Securities and Exchange Commission March 7,
2006.3.
    
    Form 8-K dated March 7, 2006, filed with the Securities and Exchange Commission March 9,
2006.4.
    
    Proxy Statement dated February 3, 2006, for the 2006 Annual Meeting held March 8, 2006.5.
    
    Form 10-Q for the quarter ended January 28, 2006.




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Subsidiaries
 Jurisdiction of
    
    Significant
    
    Subsidiary
    
    Direct
    
    Directors/Name
    
    Organization
    
    Subsidiary
    
    Guarantor
    
    Ownership
    
    Managers
    
    OfficersActive Subsidiaries  DomesticAtlas Alchem Plastics, Inc.
    
    Delaware
    
    
    X
    
    
    
    X
    
    
    
    (a
    )
    
    
    (I)
    
    
    
    (1
    )Alchem Plastics Corporation
    
    Georgia
    
    
    X
    
    
    
    X
    
    
    
    (b
    )
    
    
    (I)
    
    
    
    (1
    )TKM Holdings, L.L.C.
    
    Missouri
    
    
    X
    *
    
    
    
    
    
    
    (b
    )
    
    
    N/A
    
    
    
    (1
    )TKM Management, Inc.
    
    Missouri
    
    
    
    
    
    
    
    
    
    
    (b
    )
    
    
    (I)
    
    
    
    (1
    )TKM Plastics, L.P.
    
    Missouri
    
    
    X
    
    
    
    X
    
    
    
    (c
    )
    
    
    N/A
    
    
    
    (1
    )Alchem Plastics, Inc.
    
    Delaware
    
    
    X
    
    
    
    X
    
    
    
    (a
    )
    
    
    (I)
    
    
    
    (1
    )Spartech Plastics, LLC
    
    Delaware
    
    
    X
    
    
    
    X
    
    
    
    (a
    )
    
    
    N/A
    
    
    
    (1
    )Spartech SPD, LLC
    
    Delaware
    
    
    
    
    
    
    X
    
    
    
    (d
    )
    
    
    (I)
    
    
    
    (1
    )PEPAC Holdings, Inc.
    
    Delaware
    
    
    
    
    
    
    
    
    
    
    (a
    )
    
    (II)
    
    
    (3
    )Polymer Extruded Products, Inc.
    
    New Jersey
    
    
    
    
    
    
    X
    
    
    
    (e
    )
    
    (II)
    
    
    (3
    )Spartech Mexico Holding Company
    
    Missouri
    
    
    
    
    
    
    X
    
    
    
    (a
    )
    
    
    (I)
    
    
    
    (4
    )Spartech Mexico Holding Company Two
    
    Missouri
    
    
    
    
    
    
    X
    
    
    
    (f
    )
    
    
    (I)
    
    
    
    (4
    )Spartech Mexico Holdings, LLC
    
    Missouri
    
    
    
    
    
    
    X
    
    
    
    (f
    )
    
    
    N/A
    
    
    
    (4
    )Spartech Polycast, Inc.
    
    Delaware
    
    
    
    
    
    
    X
    
    
    
    (a
    )
    
    
    (I)
    
    
    
    (2
    )Spartech Townsend, Inc.
    
    Delaware
    
    
    
    
    
    
    X
    
    
    
    (g
    )
    
    
    (I)
    
    
    
    (2
    )Spartech Industries Florida, Inc.
    
    Delaware
    
    
    
    
    
    
    X
    
    
    
    (g
    )
    
    
    (I)
    
    
    
    (4
    )Spartech Polycom, Inc.
    
    Pennsylvania
    
    
    X
    
    
    
    X
    
    
    
    (a
    )
    
    (II)
    
    
    (3
    )Spartech CMD, LLC
    
    Delaware
    
    
    
    
    
    
    X
    
    
    
    (d
    )
    
    (II)
    
    
    (3
    )Spartech FCD, LLC
    
    Delaware
    
    
    
    
    
    
    X
    
    
    
    (h
    )
    
    (II)
    
    
    (3
    )GWB Plastics Holding Co.
    
    Delaware
    
    
    
    
    
    
    
    
    
    
    (i
    )
    
    (II)
    
    
    (3
    )UVTEC Holdings, Inc.
    
    Delaware
    
    
    
    
    
    
    
    
    
    
    (j
    )
    
    (II)
    
    
    (3
    )UVTEC General, LLC
    
    Delaware
    
    
    
    
    
    
    
    
    
    
    (k
    )
    
    (II)
    
    
    (3
    )UVTEC, L.P.
    
    Texas
    
    
    
    
    
    
    X
    
    
    
    (l
    )
    
    
    N/A
    
    
    
    (3
    )Franklin-Burlington Plastics, Inc.
    
    Delaware
    
    
    
    
    
    
    X
    
    
    
    (a
    )
    
    (II)
    
    
    (3
    )Spartech Industries, Inc.
    
    Delaware
    
    
    
    
    
    
    X
    
    
    
    (a
    )
    
    
    (I)
    
    
    
    (4
    )Anjac-Doron Plastics, Inc.
    
    Delaware
    
    
    
    
    
    
    X
    
    
    
    (a
    )
    
    
    (I)
    
    
    
    (4
    )Active Subsidiaries  ForeignSpartech Canada, Inc.
    
    New Brunswick
    
    
    X
    
    
    
    
    
    
    
    (a
    )
    
    
    (I)
    
    
    
    (4
    )Spartech de México Holding Company,
S. de R.L. de C.V.
    
    Mexico
    
    
    
    
    
    
    
    
    
    
    (m
    )
    
    (III)
    
    
    (5
    )Spartech de México, S.A. de C.V.
    
    Mexico
    
    
    
    
    
    
    
    
    
    
    (n
    )
    
    (III)
    
    
    (5
    )Industrias Spartech de México,

S. de R.L. de C.V.
    
    Mexico
    
    
    
    
    
    
    
    
    
    
    (o
    )
    
    (III)
    
    
    (5
    )Prestadora de Servicios Industriales
de Personal, S.A. de C.V.
    
    Mexico
    
    
    
    
    
    
    
    
    
    
    (p
    )
    
    (III)
    
    
    (5
    )Prestadora de Servicios Industriales
del Noreste, S.A. de C.V.
    
    Mexico
    
    
    
    
    
    
    
    
    
    
    (p
    )
    
    (III)
    
    
    (5
    )Spartech Polycom, S.A.S.
    
    France
    
    
    
    
    
    
    
    
    
    
    (i
    )
    
    (III)
    
    
    (6
    )Inactive SubsidiariesAdams Plastics Co.
    
    Delaware
    
    
    
    
    
    
    
    
    
    
    (a
    )
    
    None
    
    NoneKoenig Plastics, Inc.
    
    Texas
    
    
    
    
    
    
    
    
    
    
    (a
    )
    
    (II)
    
    
    (7
    )Nestoc Corporation
    
    Delaware
    
    
    
    
    
    
    
    
    
    
    (b
    )
    
    (II)
    
    
    (7
    )Spartan Equipment Co.
    
    Delaware
    
    
    
    
    
    
    
    
    
    
    (i
    )
    
    (II)
    
    
    (7
    )Alshin Tire Corporation
    
    California
    
    
    
    
    
    
    
    
    
    
    (q
    )
    
    
    (I)
    
    
    
    (4
    )X-Core, LLC
    
    California
    
    
    
    
    
    
    
    
    
    
    (q
    )
    
    
    N/A
    
    
    
    (4
    )




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##### 



Note to Significant Subsidiary Column
 *
    
    Solely by virtue of sales/assets of subsidiary entity
 Notes to Direct Ownership Column
 (a)
    
    100% owned by Spartech Corporation(b)
    
    100% owned by Atlas Alchem Plastics, Inc.(c)
    
    99% owned by TKM Holdings, L.L.C. (limited partner), 1% owned by TKM Management, Inc.
(general partner)(d)
    
    100% owned by Spartech Plastics, LLC(e)
    
    100% owned by PEPAC Holdings, Inc.(f)
    
    100% owned by Spartech Mexico Holding Company(g)
    
    100% owned by Spartech Polycast, Inc.(h)
    
    100% owned by Polymer Extruded Products, Inc.(i)
    
    100% owned by Spartech Polycom, Inc.(j)
    
    100% owned by GWB Plastics Holding Co.(k)
    
    100% owned by UVTEC Holdings, Inc.(l)
    
    99% owned by UVTEC Holdings, Inc. (limited partner), 1% owned by UVTEC General, LLC
(general partner)(m)
    
    99% owned by Spartech Mexico Holding Company, 1% owned by Spartech Mexico Holdings,
LLC(n)
    
    99% owned by Spartech Mexico Holding Company, 1% owned by Spartech Mexico Holding
Company Two(o)
    
    99.98% owned by Spartech de México, S.A. de C.V., 0.02% owned by Spartech Mexico
Holding Company(p)
    
    99% owned by Spartech de México Holding Company, S. de R.L. de C.V., 1% owned by
Spartech Mexico Holding Company Two(q)
    
    100% owned by Spartech Industries, Inc.
 Notes to Directors/Managers Column
 Abbreviations
 (I)
    
    GAA, SJP(II)
    
    GAA, RCM(III)
    
    GAA, SJP, RCM
 Notes to Officers Column
 Abbreviations
 (1)
    
    President/CEO: GAA; VP/CFO: RCM; Exec.VP:SJP; VPs:GN, DG; Secretary: JDF(2)
    
    President/CEO: GAA; VP/CFO: RCM; Exec.VP: SJP; VP:GN; Secretary: JDF(3)
    
    President/CEO: GAA; VP/CFO: RCM; VP:SM; Secretary: JDF(4)
    
    President/CEO: GAA; VP/CFO: RCM; Exec.VP: SJP; Secretary: JDF(5)
    
    Chairman:GAA; Treasurer:RCM(6)
    
    President: SM(7)
    
    President/CEO:GAA; VP/CFO:RCM; Secretary: JDF
 2




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##### 








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##### 








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##### 



Indebtedness
    
    AmountFourth Amended and Restated Credit Agreement dated June 2,
2006 among Spartech Corporation as the Borrower, Bank of
America, N.A., as Administrative Agent and LC Issuer and
the other lenders party hereto
    
    $
    350,000,000Amended and Restated Credit Agreement dated as of April 27,
2004 between Spartech Canada, Inc. and Bank of America, NA.
(Canada Branch)
    
    $
    10,000,000 CAD5.54% Senior Unsecured Notes, Due September 15, 2016
    
    $
    150,000,0007% Senior Unsecured Notes, Due August 22, 2007
    
    $
    12,857,0006.5% Convertible Subordinated Debentures, Due March 31, 2014
    
    $
    51,546,4007% Convertible Subordinated Debentures, Due March 31, 2015
    
    $
    103,092,800Lake Charles Harbor and Terminal District Revenue Bonds
    
    $
    8,000,000Spartech Corporation guarantee to the Chamber of Commerce
and Industry of Les Ardennes for Spartech Polycom S.A.S.
repayment of the financing by the Chamber of Commerce.
    
    $
    4,528,000Spartech Corporation guarantee to the Societe Generale for
the guarantee of the Societe Generale to the Chamber of
Commerce and Industry of Les Ardennes on behalf of Spartech
Polycom S.A.S.
    
    $
    1,132,000Spartech Corporation Euro Facility with Calyon
    
    
    20,000,000