Ontario’s Tronoplast gets major funding boost
Startup company offers extrusion components and complete turn-key film extrusion lines.
Toronto-based blown film equipment supplier Tronoplast Technologies Inc. has secured new funding for its product development.
With recent funding from Silicon Valley, Calif,-based private investment firm 3P Equity Partners, Tronoplast has now secured a total commitment in excess of US$5,000,000 to fund the expansion of its operational footprint and capabilities.
The company was formed earlier this year as a “greenfield” initiative led by industry veteran Dr. Felix Guberman, formerly head of technology at Macro Engineering & Technology Inc. of Mississauga, Ont.
“It is unusual to see startup companies in our industry, but we, together with our investors, are convinced that today is the right opportunity to begin rebuilding the plastic machinery industry in North America,” Guberman said. “We are in a strong position to successfully challenge the expansion of European and Far East machinery suppliers which have significantly captured market share in North America in recent years.”
Guberman said the company’s goal is to “develop a $15-$20 million organization within the next three to five years, with the help of solid relationships we have fostered with local labor resources, as well as the unique technologies we have sourced from all over the world.”
Sales manager John Sproule said the company has landed equipment orders and will be moving into a new headquarters in Brampton, Ont., on October 1.