UPDATED — Jarden Corp. announced July 13 that is buying Waddington Group Inc., a maker plastic food-service products, for $1.35 billion.
The deal is scheduled to close in the third quarter.
Jarden Chairman Martin Franklin said Waddington is an attractive acquisition target for a variety of reasons, including its experienced management team, best-in-class technology and manufacturing capabilities.
He also cited Waddington's market-leading positions in premium and green food-service products.
Waddington is based in Covington, Ky., and is owned by private equity firm Olympus Partners of Stamford, Conn. Jarden is a publicly traded company based in Boca Raton, Fla.
Waddington does injection molding and thermoforming at plants in the United States, Canada and Europe. Its food-service products are used in catering, bakery, deli and chain restaurants, produce and confectionary markets.
Waddington has sales of about $800 million and profit of $150 million, according to Jarden. Waddington has about 3,700 customers, 2,900 employees, and 17 manufacturing facilities.
Waddington does thermoforming in Toronto; Montreal; Holley, N.Y.; Chattanooga, Tenn.; Houston; Arklow, Ireland; Milton Keynes, England; Bridgwater, England; and Buckinghamshire, England. It does injection molding in Montreal; Chelmsford, Mass.; City of Industry, Calif. (where it has two plants); and Lancaster, Texas.
It sells under the WNA, Polar Pack, Par-Pak, Waddington and Eco Products brand names, with Eco Products specializing in compostable materials, including compostable plastics.
Jarden had 2014 sales of $8.29 billion.
Jarden makes a wide variety of consumer goods. It has an injection molding business, Jarden Plastic Solutions, which has plants in Greer, S.C.; Reedsville, Pa.; Springfield, Mo.; East Wilton, Maine; and Christchurch, England. Jarden's plastics business molds products including medical products and plastic cutlery.
Plastics News estimated Jarden Plastic Solutions' 2014 North American injection molding sales at $175 million.
Mike Evans, Waddington's president and CEO, will remain with the company.
“Waddington's entrepreneurial growth culture is a strong cultural fit with Jarden, while offering a compelling financial and strategic value proposition,” Franklin said in a news release.