good natured Products buys Texas packager FormTex
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FormTex produces custom plastic packaging for the medical, food, electronic, industrial, and retail end markets.
Vancouver-based biopolymer producer good natured Products Inc. has entered into a definitive asset purchase agreement to acquire all of the business and operating assets of FormTex Plastics Corp., a manufacturer of custom plastic packaging headquartered in Houston, Texas.
The transaction closed for a cash consideration of US$4.8 million.
Founded in 1989, FormTex produces custom plastic packaging for the medical, food, electronic, industrial, and retail end markets. The company is also certified in the design and manufacture of thermoplastic molded components.
“We believe FormTex represents a very attractive acquisition for [us], building on the strong foundation in our packaging business and expanding our geographic reach to highly strategic and synergistic markets,” said Paul Antoniadis, CEO of good natured, in a May 4 statement. “We expect to access cost synergies by directing internally-produced extruded rollstock sheet for use in FormTex’s operations, expanded capacity to handle the company’s growth trajectory, and through logistic and operational efficiencies.”
The current management team operating FormTex will be joining good natured, the statement added.
FormTex generated revenue of approximately US$4.9 million in the calendar year ended December 2021, officials with good natured said.