Tekni-Plex has signed a definitive purchase agreement to buy Grupo Phoenix.
Terms were not disclosed.
“Grupo Phoenix adds a broad suite of capabilities to our consumer products business,” says Brenda Chamulak, president and CEO at Tekni-Plex. “The acquisition enhances our ability to keep food fresher and longer with sustainable packaging solutions.”
Grupo Phoenix makes rigid packaging and specializes in sustainable custom packaging solutions with capabilities in the United States, Colombia, and Mexico and customers in over 30 countries.
This is the 15th acquisition that Pennsylvania-based Tekni-Plex has completed over the past five years.
The closing of the deal is conditioned upon regulatory approval, the company says in a news release.