Tekni-Plex Inc. is acquiring sister companies in Bloomfield, N.Y., that manufacture equipment to produce expanded polystyrene packaging, as well as the packaging itself.
The two businesses — Commodore Packaging and Commodore Technology — will operate under a newly formed Tekni-Plex subsidiary called Dolco LLC.
Commodore Packaging makes custom EPS trays, and Commodore Technology makes molds and equipment for internal production as well as for sale outside of North America. That equipment includes PS foam extrusion systems, dies, thermoformers and trim systems.
Teckni-Plex calls Dolco the largest producer of foam egg carton trays in the United States.
The company also makes custom PS trays for food processing, fruit and other applications, the company said. Dolco also makes PET egg cartons and mushroom tills.
"Tekni-Plex already has significant tray manufacturing capability via its Dolco business unit. The acquisition will allow us to benefit from Commodore's extruder and thermoforming equipment technology, as well as increase our manufacturing footprint," Tekni-Plex CEO Paul Young said in a statement.
Tekni-Plex, based in Wayne, Pa., said Commodore is the company's eighth acquisition in the last four years.
Blaige & Co. of Chicago represented Commodore in its sale to Tekni-Plex.
Former Mobil Plastics executive George Braddon II founded Commodore in 1981. His sons Brad and Jeff have been control of the company in recent years, according to Blaige.
“The combination of Commodore and Tekni-Plex gives us an expanded footprint and additional resources to benefit our customers and other constituents,” Commodore CEO Brad Braddon said in a statement.
Thomas Blaige, CEO of his namesake advisory firm, said the company put itself up for sale after being repeatedly approached by suitors.
“While we've known the Braddon family for several years, the sale process was a result from several unsolicited inquiries,” Blaige said. The ultimate selling price, which was not disclosed, exceeded expectations, he said.
