Schweitzer-Mauduit International buys netting maker Conwed Plastics
Minneapolis, Minn.-based plastic netting manufacturer Conwed Plastics has been purchased by precision engineering giant Schweitzer-Mauduit International Inc. for US$295 million.
Founded in 1966, Conwed generates approximately US$140 million in annual sales, and has five manufacturing locations on two continents: in addition to its Minneapolis site, it has operations in Roanoke, Va., Athens, Ga., Chicago, and Belgium.
Conwed manufactures the ubiquitous extruded-plastic netting used to wrap Christmas trees, hay bales and turf, and to bag fruit, plants and produce.
Conwed has long been a subsidiary of New York City-based holding company Leucadia National Corporation.
“Our success under Leucadia’s ownership as a standalone business in their portfolio for more than 30 years demonstrates our commitment to our employees and customers to be a leader in technology, service, and manufacturing excellence,” said Conwed CEO Chris Hatzenbuhler in a statement. “Now we enter a new chapter in our history, and we see a future rich with opportunity.”