CM Packaging of Lake Zurich, Ill., now owns packaging thermoformer Stone Plastics Inc. of Cadiz, Ky.
Terms of the transaction, announced July 14, were not disclosed.
In similar fashion to its acquisition last year of Packaging Direct Inc. of Gladwin, Mich., CM Packaging will keep management in place at Stone Plastics, which is headed by Joe Stone.
Officials would not elaborate on why Stone Plastics sold its business. CM Packaging spokesman Michael Cornelis said Stone will keep its name for now.
Stone thermoforms packaging and containers for markets including baking and produce industries. In Plastics News' most recent ranking of thermoformers, Stone Plastics has estimated thermoforming sales of $21 million, with 35 thermoforming lines.
CM makes plastic containers for markets such as bakery goods and fresh and frozen foods. Officials said Stone is a natural fit. With the company, CM acquires 100 employees and a 140,000-square-foot production and warehouse facility in Cadiz.
Cornelis said in a July 25 telephone interview that CM will continue to be active in acquisitions.
``CM Products Inc. has been in the process of reinventing themselves,'' he said, alluding to CM's parent company, which has been shedding bakeware assets during the past few years to focus more on packaging.
``We're taking those funds and reinvesting them in operations,'' he said.
CM's Packaging Direct unit has $16 million in estimated thermoforming sales and employs 42, according to the PN ranking.