Canadian PET product maker CKF buying Molded Fiber Technology

In a move that expands its footprint in the sustainable packaging sector, Canadian-owned PET product maker CKF Inc. is buying Molded Fiber Technology Inc. (MFT) from U.S.-based parent company UFP Technologies Inc. for an undisclosed price.

The new corporate entity will be known as MFT-CKF Inc.

MFT designs, manufactures, and distributes sustainable protective packaging solutions for the consumer goods, electronics, and industrial products markets across North America from its plants in Clinton, Iowa and El Paso, Tex.

Headquartered in Hantsport, N.S., CKF manufactures molded pulp, foam, and PET products for the food service, packaging and retail sectors. The company has five plants across Canada, and is owned by Scotia Investments Ltd.

“MFT’s industry stature together with their successful track record and the growing consumer demand for more widely recyclable packaging assures a long term and viable future,” CKF officials said in a July 27 news release. “Customers will benefit from the combined forces of the two organizations as both are committed to investing in employees, capacity and products that deliver competitive and high-quality sustainable packaging solutions.”

“MFT’s products are complementary to our core competencies,” said CKF president Ian Anderson, President of CKF. “Together, our employees, the products we make and the customers we serve are well aligned…[This acquisition also] broadens our reach into the U.S. market.”

MFT’s senior management team will stay in their respective positions and continue running the businesses, CKF said. “For now, and the near future, it is business as usual,” it said. “Company leadership will further communicate as the organizations progress through the transition stage.”