Packaging supplier Good Natured Products enters medical and pharmaceutical industry
In a statement, Vancouver-based Good Natured said that it was able to enter this new market segment with the closing of its recent acquisition of Shepherd Thermoforming.
On the heels of its recent acquisition of Shepherd Thermoforming & Packaging Inc., Vancouver-based packaging supplier Good Natured Products has begun supplying the medical and pharmaceutical industry with packaging for such items as packaging for COVID-19 testing kits, and personal protective equipment such as COVID-19 medical face shields.
In a statement, Good Natured said that it was able to enter this new market segment with the closing of its acquisition of Brampton, Ont.-based Shepherd Thermoforming, which was first announced in March and definitively closed on May 13, 2020.
“Effective May 1, [we] acquired agreements to ship 47 different products to 17 customers in this segment with anticipated annualized sales in the range of CAD$1.3 to CAD$2.3 million with gross margins of 35% to 45%,” the statement said.
“The entry into this new market segment allows us to play our part in the fight against COVID-19,” said Paul Antoniadis, CEO of Good Natured. “It also expands our growth opportunities by further expanding diversification of our product and customer mix, which is a cornerstone of our strategy.”
Founded in 2006 and formerly known as Solegear Bioplastic Technologies Inc., Good Natured 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.