CarbonLite buys thermoformer PinnPack

Comments Email Print

PET recycler CarbonLite Holdings LLC has made a downstream investment by acquiring thermoformer PinnPack Packaging for an undisclosed price.

The deal was announced April 20 by FocalPoint Partners, an investment bank that worked with CarbonLite on the deal.

"We are excited to partner with PinnPack, one of the leading independent thermoformers on the West Coast," CarbonLite chairman and CEO Leon Farahnik said in the release, "With PinnPack, we can integrate thermoforming capabilities into our broader recycling operation to deliver the highest quality recycled PET food packaging in the United States."

He added that partnering with PinnPack "is a significant step towards realizing our long-term goals for CarbonLite."

Century City, Calif.-based CarbonLite describes itself as one of the largest producers of food-grade post-consumer PET in the world. It operates a major recycling site in Riverside, Calif., and is building a similar one in Dallas.

Plastics News ranks CarbonLite as North America's 25th largest plastics recycler. The firm claims that its closed-loop recycling solution leads the market in material efficiency and purity and, according to company officials, is a leading choice for major consumer beverage companies.

PinnPack is based in Oxnard, Calif., and produces food-grade thermoformed PET packaging products. Its products include customized tubs, bowls, domes and clamshell packaging for food applications.

PinnPack serves customers in the produce, confectioneries and baked goods industries. The firm claims to be one of the only thermoformers of its size actively using food-grade recycled PET resins to create recycled packaging products.

Farahnik has worked in the plastics industry for almost 40 years. He launched Hilex Poly Co., which later grew to become packaging giant Novolex.