Large thermoformer Kruger Family Industries said Sept. 1 it's received an unspecified equity investment to fund growth and address a backlog.
The Portage, Wis.-based, family-owned company did not give details on how much money was being invested or on the source of the funds, other than to say it's coming from "a family office with participation from current shareholders."
The company, which is one of North America's largest thermoformers, lists David and Warren Kruger as its key shareholders on its website. It employs 1,000 people at four factories in the United States and Mexico.
In its announcement, it pointed to its largest-ever backlog as driving the investment.
"This funding allows KFI's operations to meet the demands of a significant backlog and growing demand," the company said. "This investment, combined with funds received from the government-sponsored CARES Act, will allow the organization to scale to meet the record demand quickly."
The company said it restructured its corporate operations and consolidated its Penda and Trienda operating units to streamline its facilities and eliminate redundant functions. It said the new structure would allow it to increase custom capabilities.
"Our sales teams have done a tremendous job building an awarded backlog that is the largest we've ever seen," President David Kruger said.
In the statement, he said the company struggled with having enough workers in the first half of the year, but a focus on training and recruitment boosted staffing levels to 85 percent at the end of August and a target of 100 percent by mid-September.
The firm makes returnable packaging, OEM components and automotive accessories.
In the most recent Plastics News sales ranking, the company had 2020 sales of $280 million and ranked 12th among North American thermoforming companies. KFI said it's North America's largest heavy-gauge industrial thermoformer.