Tekni-Plex buys food and beverage packaging supplier Keyes
The deal adds to Tekni-Plex's tray and flat portfolio.
In a move that adds to its tray and flat portfolio, plastic product maker Tekni-Plex Inc. is acquiring Keyes Packaging Group, a Wenatchee, Wash.-based thermoformer of protective packaging for the food and beverage industry.
The financial terms of the deal have not been disclosed.
Keyes is comprised of two diverse companies: Keyes Fibre and Wrap Pack. Keyes Fibre, also located in Wenatchee, is among a limited number of suppliers that produce molded fibre trays for packaging and shipping apples, avocados, eggs and wine bottles; Tekni-Plex says it has the largest molded fibre plant on North America’s West Coast. Wrap Pack, located in Yakima, Wash., produces fruit and vegetable specialty-tissue protective wrap for storing and shipping pears, apples and citrus fruit.
Keyes Packaging Group will operate as part of Tekni-Plex’s consumer products division.
“Keyes brings market intelligence and a deep material science application knowledge to us, as we continue on our journey to becoming more and more proactive for our customers,” said Eldon Schaffer, CEO of Tekni-Plex Consumer Products division, in a Sept. 27 statement. “Adding Keyes to the Tekni-Plex Consumer Products family also gives us a boost in our overall efforts toward providing additional sustainable solutions to our customers.”
Headquartered in Wayne, Pa., Tekni-Plex employs 7,000 people throughout its operations in Belgium, Brazil, Canada, China, Colombia, Costa Rica, Germany, India, Italy, Mexico, Northern Ireland and the U.S.