Packaging and tubing products manufacturer Tekni-Plex, Inc. has agreed to acquire the assets of Tech-Seal Products, Inc., the company revealed on Thursday.
Tekni-Plex expects to complete the acquisition before the end of August. No financial details were disclosed.
Tech-Seal makes induction heatseal and specialty liners for food, pharmaceutical, cosmetic and industrial applications. The company, founded in 1982, has one manufacturing facility in Triadelphia, West Virginia.
Tekni-Plex, which was itself acquired by private equity firm American Securities LLC in December 2013, is headquartered in King of Prussia, Pennsylvania. It operates in three segments -- Healthcare, Specialty Packaging and Food Packaging -- and its products include closure liners, medical tubing, high-barrier pharmaceutical films, medical compounds, dispensing pump components and thermoformed containers such as foam egg cartons and apple trays. The company has 25 manufacturing facilities in nine countries across North America, Europe and Asia.
"We are very pleased to be adding Tech-Seal's manufacturing capabilities and product offerings to our liner business," commented Tekni-Plex chief executive officer Paul Young. He said that the combination of Tech-Seal and Tekni-Plex's Tri-Seal brand would provide customers with high quality and innovative product offerings to support their business needs.
The transaction was also welcomed by Paul Yousif, president of Tech-Seal, who said he was confident that the company's customers would benefit significantly from this combination.