Tekni-Plex acquiring Grupo Phoenix
Grupo Phoenix manufactures rigid packaging and has capabilities in the U.S., Colombia and Mexico, and customers in over 30 countries.
In its fifteenth acquisition over the past five years, packaging supplier Tekni-Plex is purchasing Grupo Phoenix, a manufacturer of rigid packaging with capabilities in the U.S., Colombia, and Mexico.
The financial terms of the deal have not been disclosed.
“Grupo Phoenix adds a broad suite of capabilities to our consumer products business… especially in food and beverage markets,” said Tekni-Plex president and CEO Brenda Chamulak in a July 1 news release. “The acquisition enhances our ability to keep food fresher and longer with sustainable packaging solutions.”
In the news release, Wayne, Pa.-based Tekin-Plex said that Grupo Phoenix serves as a strategic packaging partner to leading FMCG brands across multiple categories and segments such as dairy, desserts, coffee, beverages, ice cream, soups, spreads, cosmetics and household cleaning, serving over 20 vertical markets. The firm started in Colombia and expanded throughout Latin America and then into the U.S. The company currently has a distributed network of five manufacturing plants: two in Colombia, one in Mexico, and two in the U.S. It has customers in over 30 countries.
“This acquisition plays to strengths of Dolco, Tri-Seal, and Action Technologies business units by expanding the range of solutions we offer our customers, leveraging a broader range of materials for sustainability and approaching challenges with a consumer-driven mindset,” said Eldon Schaffer, CEO of Tekni-Plex consumer products division. “This deal also allows us to leverage Grupo’s footprint in Latin America and expand our presence in the region,”
Tekni-Plex officials added that Grupo not only has “great capabilities” in plastics, including PET and PP, but also paper and other sustainable substrates.