Davis-Standard LLC is entering the thermoforming equipment market with its latest acquisition.
The Pawcatuck, Conn.-based maker of extrusion and converting equipment has bought Thermoforming Systems LLC in Union Gap, Wash. TSL makes thermoforming equipment for the North American food packaging industry that can be used to produce a variety of plastic cups, hot or cold lids, food containers, and ventilated or tamper-evident products.
Terms of the deal were not disclosed.
“TSL is the market leader in thermoforming equipment technology for high-volume packaging, and we are excited to welcome their dedicated team to Davis-Standard today,” Jim Murphy, president and CEO of Davis-Standard, said in a Nov. 27 news release.
James Naughton, president of TSL, said Davis-Standard's longstanding reputation as a leader in extrusion technology made the company a “preferred partner” to work with for the deal.
“TSL will continue to operate and serve its customers as before, and we are enthusiastic about our unique product opportunities with Davis-Standard,” Naughton said in a statement.
Plastics News has reached out to both companies for further comment.
The acquisition marks the second this year for Davis-Standard. In June, the company announced it had purchased Canadian blown film machinery maker Brampton Engineering Inc. in Brampton, Ontario.
That deal further amped up Davis-Standard's blown film division, following its 2015 acquisition of Gloucester Engineering Co., a major U.S. extrusion machinery maker in Gloucester, Mass.
Since 2011, Davis-Standard has been owned by Oncap, a middle-market investing unit of Canadian private equity firm Onex Corp.
Davis-Standard employs more than 1,250 workers worldwide. The company has manufacturing and technical facilities in the United States, Canada, China, Germany, Switzerland, Finland and the United Kingdom.