Polymeric protective packaging specialist CSP Technologies has acquired Maxwell Chase Technologies, a US-based producer of absorbent and non-absorbent packaging solutions for the food industry.
The acquisition is CSP's first deal since Wendel's investment last year, when the company acquired CSP in a deal worth $360m.
This transaction is in line with the company's diversification and growth strategy to further expand into the food industry.
CSP Technologies CEO John Belfance said: "Maxwell Chase represents a significant step in our efforts to diversify CSP's business profile and our long-term strategy to develop active packaging solutions for the healthcare and food industries.
"By extending our portfolio to include Maxwell Chase's differentiated product offering supported by its expertise in moisture-absorbent technology, we can offer our customers comprehensive packaging solutions.
"Our combined capabilities will enable our customers to address the increasing challenges in the food packaging industry by offering reliable design and delivery."
Based in Georgia, Maxwell Chase produces active packaging solutions that control moisture to help keep foods, including fresh-cut fruits, vegetables, meats, poultry, and seafood fresh for longer.
The company's Fresh-R-Pax absorbent technology is claimed to extend the shelf life and quality of fresh-cut foods and IceWrap, a cost-effective ice blanket, is said to maintain the quality of temperature-sensitive products during shipment.
Maxwell also produces processing equipment that integrates with its packaging. Its product range includes trays, pads, pouches, retail containers and mini containers, as well as semi-automatic and automatic slicers.
Maxwell Chase CEO Michael Walsh said: "We look forward to working with the CSP team to expand our capability in food packaging innovation."