IPL Plastics Inc. is expanding in the United Kingdom, buying two units of Coral Products plc for 7.9 million pounds ($10.74 million).
The deal is scheduled to close in February. It includes Coral Products Mouldings Ltd. (CPL), an injection and blow molder of food packaging, personal care, household and automotive products.
CPL has 50 presses ranging from 25-1,150 tons of clamping force and operates from a 100,000-square-foot plant in Haydock, England, which Coral Products plc will retain and lease to IPL.
The deal also includes Interpack Ltd., a packaging distributor. It does not include two other Coral Products units: Tatra Rotalac Ltd., which specializes in extrusion and injection molding; and Global One-Pak Ltd., a supplier of lotion pumps, triggers and mist sprayers.
The buyer is One51 ES Plastics UK, a subsidiary of Montreal-based IPL Plastics, which was purchased by Madison Dearborn Partners LLC in 2020. Coral Products CEO Michael Wood join One51 as part of the sale agreement.
IPL is an injection molder specializing in in-mold labeled packaging and bulk plastic containers. It has annual sales of about $700 million, 2,000 employees and 15 plants, including nine in North America.