US-based packaging company Tekni-Plex has agreed to acquire rigid packaging company Grupo Phoenix  for an undisclosed sum.

The acquisition is intended to boost Tekni-Plex’s manufacturing capabilities, especially in the food and beverage markets.

Grupo Phoenix operates five manufacturing plants in the Americas, two each in the US and Colombia and one in Mexico.

The company specialises in innovative and sustainable custom packaging solutions, serving customers in more than 30 countries.

Tekni-Plex president and CEO Brenda Chamulak said: “Grupo Phoenix adds a broad suite of capabilities to our Consumer Products business. The acquisition enhances our ability to keep food fresher and longer with sustainable packaging solutions.

“Grupo Phoenix brings a complementary culture to our organisation. We look forward to welcoming them to our team.

“The people [at the company] are high energy, extremely competitive and very focused on bringing market-driven ideas with a consumer orientation.”

Tekni-Plex consumer products CEO Eldon Schaffer said: “This acquisition plays to the strengths of Dolco, Tri-Seal and Action Technologies business units by expanding the range of solutions we offer our customers, using a broader range of materials for sustainability and approaching challenges with a consumer-driven mindset.

The deal is Tekni-Plex’s 15th acquisition made over the last five years. The company aims to expand its business through acquisitions and strategic add-ons.

The completion of the deal is subject to regulatory approval.

Grupo Phoenix partners with fast-moving consumer goods (FMCG) brands across multiple categories and segments, including dairy, desserts, coffee, beverages, ice cream and soups.

Grupo Phoenix CEO Alberto Peisach said: “This deal will allow Grupo Phoenix and our team to continue to grow with our customers.

“Combining Grupo Phoenix’s entrepreneurial and innovative spirit with Tekni-Plex’s global footprint and resources [will] create a first-class scalable platform for continuous growth.”

Last January, Tekni-Plex’s Dolco Packaging business launched a range of processor-grade polystyrene patty trays.

The trays are claimed to be 30% more durable than existing supermarket-grade trays, which is intended to prevent them from cracking or folding.