Next PN issue: Dec. 7 special report
AKRON, OHIO This combined issue of Plastics News is for Nov. 23 and 30. The next issue on Dec. 7 will feature our Machinery Outlook 2010 special report, which looks ahead at what's in store for the plastics equipment sector.
Plastics News, based in Akron, will regularly update its Web site during the break. So, stay on top of the latest in breaking news by checking online daily at PlasticsNews.com.
Mid Oaks adds food packaging firm
BUFFALO GROVE, ILL. Mid Oaks Investments LLC is adding to its plastics packaging empire with the acquisition of C&M Fine Pack Inc.
The deal, announced Nov. 16, adds another company that specializes in food-service packaging to Mid Oaks' portfolio. The Buffalo Grove-based private equity firm already owns Wilkinson Industries Inc. and Dispoz-o Products LLC.
Mid Oaks will integrate the three companies, which together will have more than $300 million in sales. The combined operations offer national distribution with seven locations and almost 2 million square feet of manufacturing and distribution space, 1,500 employees and more than 160 production lines.
In combination with our current business that manufactures disposable containers, cutlery, straws and meal kits, our company has become uniquely capable of serving the marketplace, Mid Oaks Chairman and CEO Wayne Kocourek said in a news release.
C&M offers a large selection of stock products including containers, plates, bowls and trays made of polypropylene and polystyrene. The firm is based in San Bernardino, Calif., and has manufacturing plants there and in Fort Wayne, Ind. It previously was owned jointly by food-packaging maker Chuo Kagaku Co. Ltd of Kohnosu City, Japan, and Mitsubishi Corp. of Tokyo.
Dispoz-o Products, based in Fountain Inn, S.C., makes plastic cutlery, drinking straws, meal and dietary kits. Wilkinson, of Fort Calhoun, Neb., makes containers from aluminum foil, PET, oriented PS and polylactic acid.
Berry to pay $82M for Superfos assets
EVANSVILLE, IND. Berry Plastics Corp. has signed a definitive agreement to buy Superfos Packaging Inc., a Cumberland, Md., injection molder of rigid open-top containers and other packaging products.
Evansville-based Berry and its New York private equity owner, Apollo Management LP, will pay $82 million for the assets. The deal is scheduled to close by the middle of February.
Superfos Packaging had 2008 sales of $46.8 million and employs 180. Berry is buying the plant from Superfos A/S of Taastrup, Denmark.
Adam Unfried, president of Berry's rigid open top unit, said in a news release that the Superfos product line will enhance Berry's offerings.
I believe it'll be very positive for all of our employees, Superfos CEO James Mason told the Cumberland Times-News. Berry Plastics is an outstanding firm. They intend to keep us here in Cumberland [and] look to our strengths and continue to support the way we've been growing.
Greif expands in Europe with Hannells
DELAWARE, OHIO U.S. bulk packaging company Greif Inc. is expanding in Europe with the acquisition of Hannells Industrier AB, a privately held maker of plastic drums, pails and bulk containers for the chemical and petrochemical industries.
Delaware-based Greif did not disclose terms.
Hannells' technical knowledge in plastics will be a great asset, Greif officials said in a Nov. 13 news release. Publicly held Greif reported $3.78 billion in sales for its 2008 fiscal year. About $125 million of those sales were blow molded plastic containers made in North America, Plastics News estimated.
The acquisition will fill in one of Greif's geographical gaps, as the firm sold its Denmark plant earlier this year, Greif spokeswoman Deb Strohmaier said in a recent interview. The products from the newly acquired plant will be sold in the Scandinavian markets, she said. It is not economical to ship bulk con- tainers from other markets as you are essentially shipping air.
Falkenberg, Sweden-based Hannells employs about 240 at sites in Falkenberg; Herning, Denmark; and Fredrikstad, Norway. The plants will not change the products they manufacture and Greif is not planning job cuts, Strohmaier said.
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