Extruder and thermoformer Gage Industries Inc. of Lake Oswego, Ore., has sold its packaging business as the company continues to shrink.
Sabert Corp., a thermoformer of food-service products in Sayreville, N.J., said in a July 1 news release that it has acquired Gage's packaging operation. Terms were not disclosed.
The deal combines Gage's experience in crystalline PET thermoforming with Sabert's global presence in food packaging, said John Hart, director of P&M Corporate Finance LLC's plastics and packaging group in Southfield, Mich. Investment banking firm P&M brokered the deal.
``Gage has really carved out a nice niche in CPET,'' Hart said July 9 by telephone. ``They are dealing in the midmarket, but they have the tooling and capabilities comparable to the larger companies serving the big clients.'' Hart said the deal has been in the works since early 2008.
Gage officials did not return calls seeking comment.
``Gage is one of the premier manufacturers of CPET dual-ovenable packaging,'' Sabert marketing Vice President Craig Muldrew said in the release. ``By integrating Gage's packaging business within our three U.S. facilities we will enhance our offering to both Gage and Sabert customers.''
Sabert thermoforms platters, bowls and lids and makes utensils for the food-service industry, and for distribution in party, club and grocery stores. It employs about 300 in Sayreville and also operates plants in Hillview, Ky.; Riverside, Calif.; Nivelles, Belgium; and Zhongshan, China.
Gage's packaging operations include thin-gauge thermoforming of high density polyethylene, polypropylene and amorphous PET. The firm also does some heavy-gauge thermoforming, according to its Web site.
Gage retains its sheet business, which extrudes general-purpose and specialty grades of ABS, thermoplastic urethane, static-dissipative and anti-static HDPE, as well as CPET and APET polyesters and all the major olefins.
Truck, farm and construction equipment parts maker Commercial Vehicle Group Inc. of New Albany, Ohio, purchased Gage's fabrication division in 2007 for $5.3 million. That transaction included injection molding and heavy-gauge twin-sheet thermoforming machines for commercial truck cabinets and trim parts made at plants in Lake Oswego and Tigard, Ore.
Gage founder Ripley Gage and his wife, Betty, in 1958 rented an old planing mill in Lake Oswego for a small woodworking operation. In 1959, they bought a thermoforming machine and in 1969 started extrusion operations.
Ripley Gage, who died in 2006, was active in national plastics industry issues, culminating in a term as national chairman of the Society of the Plastics Industry Inc. He also chaired the Association of Oregon Industries.
Gage's children Jeff and Liz run the family business as partners. Jeff Gage serves on SPI's board.