US-based flexible and rigid packaging materials manufacturer Clear Lam Packaging will sell its thermoforming division to D&W Fine Pack for an undisclosed amount.
Clear Lam said the sale includes facilities located in Elk Grove Village, Illinois, in Vernon, California and one international facility in Nanjing, China.
D&W Fine Pack president and CEO Mark Staton said that the combination of Clear Lam Thermoforming with the company's existing portfolio of businesses will add new products and strengthen its focus on sustainability and environmental stewardship.
"With demand for renewable packaging materials growing, Clear Lam has made great strides in bringing new designs and technologies to market and we're excited to tap into their technical expertise," Staton added.
Clear Lam will continue to own and operate its other three divisions, which accounted for over 65% of the company's 2011 revenue.
The company further plans to expand its flexible films and forming films divisions and expects growth in its CL polymers unit, which manufactures proprietary compounds designed to improve performance characteristics for bioplastics as well as for traditional petroleum-based plastics.
The thermoforming division supplies food packaging containers made from polyethylene terephthalate (PET) and polylactic acid (PLA) to North American food processors and retailers, and has annual sales of about $80m.