US-based packaging and medical product supplier Tekni-Plex has closed its acquisition of rigid packaging solutions producer Grupo Phoenix.
Grupo Phoenix focuses on providing plastic and paper products for the commercial food packaging, foodservice and disposable consumer products markets.
The company caters to brands across more than 20 vertical markets worldwide. It operates five manufacturing plants located in Colombia, the US and Mexico.
The financial terms of the transaction have not been disclosed.
Tekni-Plex consumer products CEO Eldon Schaffer said: “This company has a great eye for how consumers shop the perimeter of the store.
“This is an area of special focus for us, as we move forward in serving the food and beverage industry.”
Tekni-Plex’s existing business units, including Dolco, Tri-Seal and Action Technologies, expect to benefit from the operational synergies created by the acquisition.
Schaffer added: “We now have a broader range of materials that assist us as we work to become more material-agnostic.
“Another important aspect is we add so many talented and intelligent people to our team. They have great energy.
“They are highly competitive, and they are very driven to bringing market-focused ideas with a customer orientation to the table.”
Grupo Phoenix chief operations officer Jaime Lederman said: “This is an exciting moment for the employees of Grupo Phoenix.
“As part of the global Tekni-Plex family, we are joining a world-class organisation.
“Together we will be able to provide even more innovative and sustainable solutions to our customers around the world.”
Based in Wayne, Pennsylvania, Tekni-Plex operates in 12 countries worldwide and currently has 7,000 employees.
The company recently acquired M-Industries, a company that provides vented lining technology for containers.
M-Industries represented Tekni-Plex’s 16th acquisition in the last five years.