Banaplast focuses on manufacturing and marketing treated and untreated plastic covers with insecticide to protect crops and improve product quality.
The company currently manufactures plastic products with advanced technology for the agro-industrial sector, particularly bananas, pineapples and other fruit trees that use ‘plasticulture’ for greater productivity.
It also produces ‘ecological’ plastic bags as a replacement for conventional plastic bags as part of its sustainability efforts.
The acquisition is intended to expand TC Transcontinental Packaging’s offerings and network in the Latin American agro-industrial market.
The financial terms of the transaction have not been disclosed.
TC Transcontinental Packaging Latin America senior vice-president and managing director Ricardo Garcia Merlo said: “The acquisition of Banaplast is aligned with our growth strategy of innovation and proximity to key markets in the agro-industrial segment.
“With Banaplast, we are expanding our offering, namely with banana tree bags and agro-mulches, and our network with the addition of Banaplast to our existing operations in Costa Rica, Ecuador, Guatemala and Mexico.
“This acquisition opens new and exciting opportunities to better serve our customers.”
TC Transcontinental Packaging provides flexible packaging and advanced coatings across the US, Canada, Colombia, Costa Rica, Ecuador, Guatemala, Mexico, the UK and New Zealand.
The acquisition comes after TC Transcontinental reported revenue growth of 21% in the packaging sector and 9% in the printing sector in the second quarter of the fiscal year 2022 (FY22).
The company posted revenues of $715.5m for the three months to 1 May, as well as operating earnings of $46.1m.
In November last year, TC Transcontinental acquired US-based die-cut lid and label maker HS Crocker for an undisclosed sum.
The deal represented the company’s ninth flexible packaging acquisition.