Sunday, June, 23, 2024 04:53:49

The latest acquisition marks Tekni-Plex’s eleventh buyout over the last five years.

U.S.-based Tekni-Plex Inc. has reportedly inked a definitive purchase agreement for acquiring three manufacturing facilities from the Flexible Packaging business unit of Amcor Limited, the leading Australia-based packaging company.

Sources familiar with the development stated that the facilities – which are situated at Milwaukee and Madison in Wisconsin, and Ashland in Massachusetts – provide a wide range of sterilizable substrates of medical device packaging, including coated & uncoated Tyvek®, medical grade laminates, heat-seal & cold-seal coated paper and films and die-cut lids & labels. Sources further added that the new acquisition props up Tekni-Plex as it strategizes to expand its business by means of transformative acquisitions and strategic add-ons.

Paul Young, Chief Executive Officer & President at Tekni-Plex, was reportedly quoted saying that the new purchase is expected to expand the company’s complex packaging solution portfolio intended for a multitude of medical device manufacturers. The medical products business of Tekni-Plex, including Natvar, Colorite and Dunn, have been serving these customers on a global level for decades, and shall continue to deliver on their service and quality expectations, he added. Reportedly, the acquisition of the three Amcor facilities is speculated to bring about 150 highly qualified & experienced employees to the Tekni team base of 3000 members globally.

The completion of the latest deal, which is valued at around $215 million, is subject to approval by the U.S. Department of Justice, and is further conditional upon the closure of the merger between Amcor and Bemis Company Inc.

For the record, Amcor had agreed to purchase Bemis in August 2018, under an all-stock deal valued at $6.8 billion. According to the terms of the transaction, Amcor shareholders would acquire around 71 percent stake in the combined company, and the Bemis shareholders would own the remaining 29 percent interest.

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