The housewares side of the plastics industry may seem a bit chaotic right now, but perhaps it's better to think of it as simply being in transition.
The big headlines, of course, have centered around Tupperware Brands Corp., the company that essentially created the plastic food storage business in the 1950s but entered Chapter 11 under the U.S. Bankruptcy Court this month.
Some of the recent uncertainty may be ripple effects of Bed, Bath and Beyond's closure in 2023, taking with it one of the biggest retail platforms for housewares.
But none of that means investments and interest has disappeared. A new player is now entering the arena as Creo Group Inc. — created just three months ago by the private equity owner of nursery and horticulture supply companies Nursery Supplies Inc. and Summit Plastics Co. — has purchased 105-year-old United Solutions Inc., a maker of Rubbermaid-brand totes, laundry items, home gardening supplies and other storage products.
While specific plans for United Solutions under Creo, owned by private equity's Mill Point Capital LLC, weren't specified, officials said the deal will allow Creo to grow across multiple end markets and locations.