Mitsui buys Brazilian PP compounder
TOKYO — A resin and compounding joint venture majority-owned by Mitsui Chemicals Inc. has acquired a controlling stake in a Brazilian compounder.
The joint venture — Prime Polymer Co. Ltd. of Tokyo — also has confirmed plans to increase compounding capacity at sites in the U.S., Mexico and China.
All of the moves are in polypropylene compounding, primarily for automotive markets.
In Brazil, Prime Polymer has purchased a 70 percent stake in Produmaster Indústria e Comércio Ltda. for an undisclosed price. Produmaster is based in Mauá and operates a total of 120 million pounds of PP compounding capacity at sites in Mauá and Camaçari, Brazil.
In a May 14 news release, Prime Polymer officials said Produmaster is Brazil's third-largest compounder.
Prime Polymer's capacity additions will add more than 130 million pounds of annual PP compounding capacity at existing sites. In Sidney, Ohio, the firm's Advanced Composites Inc. joint venture — majority owned by Mitsui — will add about 60 million pounds of capacity. The new capacity there is set to come on line in the second half of 2013. In Mexico, ACI will add about 55 million pounds of capacity by the end of 2013.
Officials with ACI first confirmed plans for both of those expansions in August in an interview with Plastics News.
In China, Prime Polymer's Mitsui Advanced Composites joint venture will add about 20 million pounds of capacity by the end of 2013.
Prime Polymer officials said in the release that in 2011, the firm had positioned the automotive use of its PP business as a growth business in which it would seek to become a world leader.
Private equity firm acquires InterFlex
WILKESBORO, N.C. — Flexible packaging converter InterFlex Group Inc. has been purchased by private equity firm Nicolet Capital Partners LLC of Chicago.
Terms of the deal were not disclosed. InterFlex was previously owned by Red Diamond Capital Inc., a private equity firm based in New York.
InterFlex, based in Wilkesboro, manufactures products for a variety of markets including pet food, meat snacks, baked goods and health and beauty items. The company said it has annual sales of more than $100 million.
InterFlex operates five plants, in the United States and the United Kingdom. Every facility offers flexographic printing, as well as coating, laminating, and value-added pouch and bag making, according to a May 16 news release.
Nicolet said it plans to grow InterFlex through acquisitions, invest in new equipment and resources, and support ongoing efforts to develop new converting technology and manufacturing capabilities.
Stephen Doyle will remain the major shareholder and CEO of InterFlex.
Lincoln International LLC of Chicago advised InterFlex on the transaction.
Berlin Packaging buys Lerman Container
CHICAGO — Container and closures supplier Berlin Packaging LLC has acquired Lerman Container Co., a packaging distributor based in Naugatuck, Conn.
Terms of the deal, which closed May 14, were not disclosed.
The acquisition will expand Berlin's coverage in the Northeast and give it more expertise in the personal-care and pharmaceutical industries, the company said in a news release.
Chicago-based Berlin has more than 80 sales and warehouse locations in North America. Lerman has sales and customer service staff based in Connecticut and New Jersey.
Lerman will begin doing businesses as Berlin Packaging.
Following the acquisition, the companies will have combined sales of more than $700 million in 2012, according to the news release.
This is Berlin's third acquisition since 2010 and its latest since the company purchased Chicago-based packaging supplier Continental Packaging Solutions Inc. in December 2010.
Berlin is majority-owned by Investcorp, an investment management firm based in Manama, Bahrain.