Portola Packaging Inc. is buying plastic closures molder Integra-Seal Industries LLC of Kingsport, Tenn., for an undisclosed amount. The sale is expected to close by March 31.
Integra-Seal makes low density polyethylene tamper-evident closures for dairy, juice and bottled water, according to a March 23 news release from Naperville, Ill.-based Portola.
Portola Chief Financial Officer Glenn Fish said Integra-Seal's plant takes up about 30,000 square feet and employs 24.
The company was an attractive acquisition for Portola because of its presence in molding small to midsized dairy and beverage bottle closures, Fish said in a March 23 telephone call.
This just broadens our perspective on the market and allows us to continue to build our business for the small- to medium-sized customer, he said. We look at this as a really good bolt-on acquisition for Portola to continue to grow in markets in which we have a tradition of serving.
Integra-Seal, founded in 1999, is known for its 38-millimeter Integra-Lock snap-on, tamper-evident closure. The company also recently commercialized its tamper-evident Dyna-Seal 38mm plastic snap-screw closure.
Integra-Seal President Martin McLean and Vice President Dino Caserta will join Portola in commercial and tooling engineering-related capacities, respectively.
Portola ranked No. 24 in Plastics News' most recent survey of North American injection molders, with estimated relevant sales of $194 million.
The firm had estimated corporate global sales of $290 million.