Good Natured Products acquires Illinois-based sheet maker Ex-Tech Plastics
The deal is the Vancouver-based bioplastics maker's third acquisition in just over a year.
Vancouver-based bioplastics maker Good Natured Products Inc. is acquiring Ex-Tech Plastics Inc., an extruder of rigid plastic sheets headquartered in Richmond, Ill., for US$14.1 million.
The deal includes all of Ex-Tech’s operating assets along with real estate owned by a related company, ETP Inc.
Founded in 1982, Ex-Tech operates seven different extrusion lines in a dedicated 75,000-square-foot facility, and serves the retail, food, and medical packaging sectors. Its customers are primarily located in the midwestern and southwestern U.S.
“[Our] long-standing partnership with Ex-Tech…dates back well before March 2016 when we acquired Ex-Tech’s bioplastic division,” said Good Natured Products’ CEO Paul Antoniadis. “The combined entity positions us as one of North America’s leading commercial sheet extruders, serving over 200 thermoforming packaging companies across North America. This acquisition firmly secures the company’s market positioning within our industrial roll stock market segment, while setting the stage for future expansion in production and manufacturing capabilities.”
The acquisition is Good Natured Products’ third in the past year: in March 2020, it bought Brampton, Ont.-based Shepherd Thermoforming & Packaging Inc.; and in December it acquired Ayr, Ont.-based extrusion sheet maker IPF Holdings Inc.
Founded in 2006 and formerly known as Solegear Bioplastic Technologies Inc., Good Natured Products is a plant-based products and packaging company that designs, produces, and distributes bioplastics for use in packaging and durable product applications. The company changed its name to Good Natured Products in 2017.