Scotia Investments and CKF acquire plastics packager Packright Manufacturing
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Langley, B.C.-based Packright will become a wholly owned subsidiary of CKF.
Canadian molded paper fiber company CKF Inc. is acquiring Packright Manufacturing Ltd., a maker of recycled PET thermoforms and expanded polystyrene foam packaging headquartered in Langley, B.C.
The financial terms of the deal have not been disclosed.
Packright will become a wholly owned subsidiary of CKF, and the company will continue to operate in the market under the Packright brand. Colin Chiu will be appointed director – new market development, plastics.
Both CKF and Packright operate in similar markets allowing the combined firm to benefit from “scale, design and market access,” CKF officials said in a Nov. 1 press release.
“Not only are we gaining a tremendous depth of knowledge in [recycled PET] design and manufacturing, but the acquisition aligns with our vision and investment strategy to build the scale and standardization required for a sustainable, circular economy for rPET,” CKF president Ian Anderson said in the release.
CKF’s molded paper fiber business includes the Royal Chinet brand.
“Packright will gain access to CKF’s capital strength, its manufacturing expertise and capacity; while CKF will benefit from Packright’s design prowess, its market reputation for quality products and its established and loyal customer base,” CKF officials said. “Most importantly, the combined customer base will have access to a deeper and wider product line, expanded production capacity from CKF’s Delta plant and a vertically integrated supplier when CKF’s extrusion facility in Rexdale, Ont., is operational in December 2022.”
Packright was founded in 2003 as a family-owned company making clear and coloured recycled PET products for the agricultural, produce, confectionery, and deli sectors.
CKF was founded in 1933, and now has five manufacturing plants in Canada and two in the U.S. CKF is owned by Scotia Investments Ltd.
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