Producer of recycled paperboard and folding carton packaging PaperWorks Industries has acquired US peer Color Craft Graphic Arts.
Color Craft, established in 1929 and based in Manitowoc, Wisconsin, manufactures packaging for food, beverage and household goods.
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The parties did not disclose the purchase price or other terms.
The transaction brings Color Craft’s folding carton plant into PaperWorks’ network, taking its integrated folding carton platform to two paperboard mills and six converting sites across the US and Canada.
PaperWorks supplies coated recycled paperboard to independent packaging converters and provides fibre-based packaging to consumer brands across the food, beverage, personal care and home care categories.
PaperWorks president and CEO Brian Janki stated: “This acquisition aligns with our strategy of growth and further supports our ongoing investment and commitment to our customers.
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By GlobalData“Color Craft meets our criteria for geographic alignment with our mill system and folding carton network, diverse customer mix and overall cultural fit.”
120 Color Craft employees will transfer to PaperWorks, and Color Craft’s president and CEO Gregg Weber is joining the PaperWorks team.
Weber commented: “We are thrilled to join an organisation that emulates our values and has an outstanding reputation in the industry. This is a great opportunity for the Manitowoc team to thrive within a larger folding carton network and leverage mill integration to deliver the highest level of service to our customers.”
Mesirow served as adviser to Color Craft on the transaction.
