Tekni-Plex has signed an agreement to acquire Grupo Phoenix, a manufacturer of rigid packaging for consumer goods companies.
The deal will boost Tekni-Plex’s manufacturing capabilities for customer-driven packaging solutions, particularly in the food and beverage markets.
Grupo Phoenix offers rigid packaging and sustainable custom packaging solutions to FMCG brands across multiple categories including dairy, desserts, coffee, beverages, ice cream, soups and spreads; as well as the food service sector.
“Grupo Phoenix adds a broad suite of capabilities to our consumer products business. The acquisition enhances our ability to keep food fresher and longer with sustainable packaging solutions,” said Brenda Chamulak, recently appointed president and CEO at Tekni-Plex.
The rigid packaging manufacturer operates facilities in the US, Colombia and Mexico, with customers in over 30 countries. The acquisition will enable Tekni-Plex to leverage Grupo’s footprint in Latin America and expand its presence in the region.
Alberto Peisach, CEO of Grupo Phoenix, said: “Combining Grupo Phoenix’s entrepreneurial and innovation spirit with Tekni-Plex’s global footprint and resources is designed to create a first-class scalable platform for continuous growth.”
Grupo Phoenix marks Tekni-Plex’s 15th acquisition over the past five years – following the purchase of closure liner manufacturer Geraldiscos and polystyrene packaging specialist Commodore Plastics.
Eldon Schaffer, CEO of Tekni-Plex’s consumer products division, said: “This acquisition plays to strengths of Dolco, Tri-Seal and Action Technologies business units by expanding the range of solutions we offer our customers, leveraging a broader range of materials for sustainability and approaching challenges with a consumer-driven mindset.”
The deal was made for an undisclosed sum and is subject to regulatory approval.
© FoodBev Media Ltd 2021
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