US packaging company Tekni-Plex put on the block by PE owners
26 Jul 2013
US packaging company Tekni-Plex has been put for sale by its private equity firm owners, who hope to fetch around $800 million, Reuters yesterday reported, citing two people familiar with the matter.
Oaktree Capital Group and Avenue Capital Group, who have hired Goldman Sachs Group to find a buyer for Tekni-Plex, had acquired a controlling stake in the Pennsylvania-based packaging company in 2008 in a debt-for-equity swap.
Founded in 1967, Tekni-Plex is one of the world's leading manufacturers of innovative, high quality packaging and tubing materials for products used in the healthcare, food and beverage, and retail industry.
The company makes garden, aeration, and irrigation hoses, vinyl medical tubing, pool hoses, polystyrene foam egg cartons, pharmaceutical blister films, poultry and meat processor trays, closure liners, aerosol, spray-pump packaging components, and foam plates.
It operates 24 manufacturing sites in 8 countries across North America, Europe, and Asia, and has a state-of-the-art Global Technology Centre in Ohio.
It has annual sales of around $620 million and employs over 2,200 employees worldwide.
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