IP Container Corp. of Paterson, N.J., has been sold to English packaging and toy maker John Waddington plc. William Leeds, executive vice president of IPC, confirmed last week that the purchase for P19.3 million ($30.7 million) had been completed, but that for the time being IPC will retain its name.
IPC is an injection blow molder of 30-625 cubic centimeter containers for pharmaceuticals, over-the-counter drugs, and cosmetics, with an estimated $13 million in sales in fiscal 1993.
IPC operates seven injection blow molding lines in its 70,000-square-foot plant in Paterson. The IPC facility will be the first U.S. injection blow molding operation for John Waddington.
Martin Buckley, chief executive officer of Waddington, said IPC is a desirable acquisition because of its strength in the vitamin, pharmaceutical, and over-the-counter markets, and because it has developed a ``unique modular mold technology which enables it to make up to 32 different sizes, shapes and weights of container simultaneously in one mold.''
IPC claims the technology allows lower mold costs and shorter lead times in production.
``We have a rigid container and closure maker in the [United Kingdom] called Jaycare Ltd.,'' Buckley said in a telephone interview. ``We were particularly interested in bringing IPC's modular mold technology to Europe, and in taking Jaycare's tamper-evident and child-resistant technology to the States.''
Based in Leeds, England, Waddington is a diversified company that makes plastic and paper packaging, toys and games, and does printing and binding. Its U.S. plastics-related subsidiaries include Comet Products Inc., an injection molder of plastic cups and food service items based in Chelmford, Mass.; Hopple Plastics Inc., a Florence, Ky.-based custom thermoformer specializing in trays and packaging; and Carthage Cup Co., a foam cup and packaging thermoformer based in Carthage, Texas.