Ivex Packaging Corp. is at it again. In its fourth acquisition of the year, Ivex is expanding subsidiary Plastofilm Industries' geographic reach to the East Coast.
Crystal Thermoplastics of Cumberland, R.I., is the latest thermoformer to join Ivex's ranks. Terms were not disclosed. Crystal Thermoplastics reported sales of $12 million last year and employs nearly 115 at two plants. The 30-year-old firm operates about 15 thermoforming lines and serves the medical, electronics, food, toy, personal-care, automotive, consumer products and appliance markets. Its plants are in Cumberland and Bayamon, Puerto Rico.
The company's blister packages, snap-locking clamshells, box inserts, industrial trays and medical trays are made from ABS, polypropylene, PET, glycol-modified PET, PVC and high-impact polystyrene. Crystal Thermoplastics offers post-industrial HIPS and PVC for blister, clamshell and box insert applications. Post-consumer plastic packages made from PET are available as well.
Ivex said the Nov. 3 purchase gives Plastofilm plant locations across the United States — other plants are in Sparks, Nev.; and Wheaton, Ill. Plastofilm has in-house sheet extrusion and $31 million in sales of medical and electronics packaging, a segment in which Ivex intends to grow.
Lincolnshire, Ill.-based Ivex has more than 1,500 employees and 10 plants in North America. Its main business includes extruded PS sheet and thermoformed oriented PS containers, which are sold to the grocery store, fast-food and food-service markets for packaging delicatessen foods, salads, bakery goods and other food products. The company claims to be the world's largest manufacturer of biaxially oriented PS sheet and film, producing more than 300 million pounds per year.
In Plastics News' 1997 survey of North American thermoformers, Crystal Thermoplastics ranked 46th. Ivex, with thermoforming sales of $160 million last year, was third. Ivex reported $480 million in corporate sales last year.
Ivex became a publicly traded company Oct. 1, when it raised about $125 million in an initial public offering on the Nasdaq national market system.