Canada-based stretch film maker Malpack to be acquired by Sweden’s Trioworld Group
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The deal will give Trioworld a foothold in the Canadian and U.S. markets.
Swedish stretch film maker Trioworld Group has struck a deal to acquire Canadian stretch film maker Malpack Ltd. and Malpack Corp. in the United States.
The financial terms of the pending purchase have not been disclosed.
Both companies are known collectively as Malpack. Malpack is based in Ajax, Ontario, and began in 1972 as a polybag manufacturer. It started production of plastic films in 1997 and now produces and supplies high-performance stretch film to customers within distribution, beverage, food, consumer goods, e-commerce, and other industrial packaging sectors. The company has distribution centres located across North America.
“We see Trioworld as a uniquely positioned strategic sponsor and partner that will help us to accelerate plans to take our North American business to the next level,” Malpack chief operating officer Ricardo Cardoso said in a Dec. 30 statement.
Cardoso will now become Malpack’s CEO and the new Trioworld North America Division president.
Founded in 1965, Trioworld has production locations in Sweden, Denmark, Netherlands, United Kingdom, and France. With about 1,550 employees, the company has annual sales of 850 million euros (US$895 million). Trioworld is currently owned by private equity firm Altor Fund IV.
“With our joint forces, we have now established a strong foothold in the Canadian and U.S. markets and will continue to ambitiously develop our joint offering,” Trioworld CEO Andreas Malmberg said in the statement.