Private equity firm buying plastics processor Tekni-Plex: report

Private equity firm Genstar Capital is nearing a deal to acquire Tekni-Plex Inc., a Wayne, Penn.-based manufacturer of medical packaging and tubing, from American Securities for roughly US$1.5 billion, a news report by Reuters says.

American Securities acquired Tekni-Plex from Oaktree Capital Management in December 2013 for an undisclosed sum.

Tekni-Plex develops and manufactures packaging materials, medical compounds, and medical tubing products for medical, pharmaceutical, personal care, household and industrial, and food and beverage markets. The firm employs 2,500 people throughout its operations in the U.S., Belgium, China, Costa Rica, Germany, India, Italy, and Northern Ireland.

Genstar is headquartered in San Francisco.