ELK GROVE VILLAGE, ILL. (May 15, 5:40 p.m. ET) — D&W Fine Pack LLC has purchased Clear Lam Packaging Inc.'s thermoforming division.
Clear Lam, based in Elk Grove Village, announced the sale May 15. Terms were not disclosed.
The thermoforming division has annual sales of approximately $80 million and is a major supplier of PET and polylactic acid food packaging. The sale includes facilities located in Elk Grove Village; Vernon, Calif.; and Nanjing, China.
Clear Lam said it would continue to own and operate its three remaining divisions, which accounted for more than 65 percent of sales in 2011. The company plans to expand its flexible films and forming films divisions, and predicts “explosive growth” in its CL polymers division, which manufactures proprietary polymer additives.
The acquisition will allow D&W to “add innovative products and strengthen our focus on sustainability and environmental stewardship,” said Mark Staton, D&W's president and CEO, in a news release.
D&W, based in Fountain Inn, S.C., is North America's seventh largest thermoformer, according to the most recent Plastics News ranking, with $375 million in related sales.
The acquisition is the latest in a series for D&W. Last month, the company purchased Jet Plastica Industries Inc. after the plastic cutlery and straw producer had announced it was closing.
D&W is owned by private equity firm Mid Oaks Investments LLC of Buffalo Grove, Ill.