Good Natured Products closes acquisition of FormTex Plastics
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Houston-based FormTex produces custom plastic packaging for the medical, food, electronic, industrial, and retail end markets.
Vancouver-based bioplastics maker Good Natured Products Inc. has closed the acquisition of all the business and operating assets of Houston-based FormTex Plastics Corp., a manufacturer of custom plastic packaging, for cash consideration of approximately US$4.8 million.
The terms of the acquisition were first announced in May 2022.
“The addition of FormTex expands the scope and reach of our packaging business, in-line with the strategic direction we’ve communicated, and we believe there is material upside potential for revenue and profitability through capacity expansion, supply chain improvements and cost synergies previously disclosed,” said Paul Antoniadis, CEO of Good Natured, in a news release.
Founded in 1989, FormTex produces custom plastic packaging for the medical, food, electronic, industrial, and retail end markets. FormTex is ISO 9001:2015 certified in the design and manufacture of thermoplastic molded components and operates seven different thermoforming machines in a leased 51,000 square foot facility on 1.9 acres of land in Houston.