MONTERREY, MEXICO (Oct. 17, 4:35 p.m. ET) — Plastic Ingenuity de Mexico, an affiliate of Plastic Ingenuity Inc., has purchased the assets of thermoformed packaging producer Vitalo de Mexico.
The acquisition allows Plastic Ingenuity to boost capacity and capabilities, as well as expand operations – the company will now operate two plants in Monterrey, Mexico, along with Vitalo de Mexico's facilities in Guadalupe, Nuevo León.
It also allows the company to “capitalize on the return of manufacturing business to North America from Asia,” said Tom Kuehn, president of Plastic Ingenuity, in a news release.
Vitalo de Mexico is a branch of Belgium thermoforming giant the Vitalo Group.
Terms of the deal were not disclosed.
Plastic Ingenuity de Mexico was formed in 2006 through a joint venture between Plastic Ingenuity and Converforma of Monterrey. Prior to the acquisition, the company operated eight vacuum forming lines at its Monterrey plant.
Based in Cross Plains, Wis., Plastic Ingenuity makes custom thermoformed packaging for a variety of markets including food, medical, electronics and retail. The company has approximately 500 employees, and operates 11 extrusion lines and 46 thermoforming lines across its four U.S. locations.
Plastic Ingenuity had sales of $80 million in 2012 and was No. 24 in the most recent Plastics News ranking of North American thermoformers.