Tekni-Plex Announces Acquisition of Fibro Corporation's Assets and Technologies; Eldon Schaffer and Jay Arnold Comment
WAYNE, PA - Tekni-Plex is making strategic plays to strengthen its brand and further establish its presence in the fresh food space. Revealing its latest tactic, the packaging innovator announced it has acquired assets and licensed technologies of Fibro Corporation, a Tacoma, Washington-based company that develops and manufactures innovative molded-fiber packaging.
“With these acquisitions, we are building a material agnostic platform from which Tekni-Plex will provide materials-science based solutions that meet our customers’ performance and sustainability needs across a variety of substrates,” said Eldon Schaffer, Chief Executive Officer, Tekni-Plex Consumer Products. “We believe these solutions will be extremely attractive to the high-growth fresh foods markets, especially on the perimeter of the store.”
According to a press release, the transaction strategically expands Tekni-Plex’s solutions in the fresh food marketplace to include a broader range of sustainable, pulp-based packaging solutions.
The new assets and technology became a part of Tekni-Plex’s Dolco Packaging business on January 18. This move positions the packaging provider as one of the only United States suppliers of egg cartons manufactured in foam polystyrene, PET, and pulp-based materials. With the acquisition of these resources, Dolco will expand its product offerings beyond its primary focus on egg cartons and meat trays, concentrating on growth within the fresh food sector.
“The Fibro transaction aligns well with Tekni-Plex’s existing Dolco Packaging business, and will enable us to create a range of best-in-class, sustainable solutions while delivering added customer value,” said Jay Arnold, Tekni-Plex Senior Vice President and General Manager, Dolco Packaging. “Our intention is to invest further in this innovative technology platform as we scale up, increase capacity, and expand our product lines to bring superior solutions to the broader fresh foods landscape.”
Fibro’s advanced pulp technologies create revolutionary packaging that allows for easier and more precise printing, improved product protection, and more streamlined packaging line operation.
This recent acquisition rapidly advances Tekni-Plex’s ambitious goal of achieving sustainability-minded, material agnosticism across a broad spectrum of packaging solutions. This deal, in addition to the company’s recent acquisitions of Keyes Packaging Group and Grupo Phoenix, Tekni-Plex has significantly strengthened its fiber and paper capabilities, thus increasing its ability to provide new innovations to better protect products, strengthen brands, and increase sustainably.
Curious to see how this key acquisition will bring more packaging innovations to the fresh produce sector? Stay tuned to ANUK to find out.