For the third time in less than three years, international packaging firm Clondalkin Group Holdings Ltd. has made a plastics acquisition in North America.
This time around, Clondalkin has bought Cleveland Plastic Films, a maker of customized and highly engineered flexible plastic films based in Elyria, Ohio. No purchase price was disclosed in the deal, which was announced July 27.
The acquisition is another important expansion of [Clondalkin's] product, technology and geographic capability in North America, Clondalkin CEO Norbert McDermott said in a news release.
Cleveland Plastic Films CEO Jim Hendershot added that joining Clondalkin offers a unique platform as well as technical support.
Founded in 1963, CPF's products include printable banner film for banner, food and industrial applications. The firm employs 70 at a 120,000 square-foot site and posted sales of about $20 million in 2008.
Clondalkin is buying CPF from a private investment firm that has owned the business for 10-15 years, according to Paul Hogan, Clondalkin's director of development. Clondalkin plans to keep all CPF employees and production in place, Hogan said, and even plans to add overflow business from Accutech Films Inc., a Coldwater, Ohio-based plastic film maker that Clondalkin bought last year. CPF is about 185 miles away from Accutech, which is near the Indiana border.
Hogan added via phone that Clondalkin remains on the lookout for more acquisitions, even though recent tight credit markets have made the firm more picky in doing so.
Based in Amsterdam, the Netherlands, Clondalkin operates more than 40 manufacturing sites throughout Europe and North America and has annual sales of more than $1.2 billion.
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