Clear
Lam Packaging, Inc. announces the sale of its Thermoforming Division to D&W
Fine Pack, a leader in the foodservice packaging industry and a portfolio
company of Mid Oaks Investments, LLC. Terms of the sale are not being disclosed.
BMO Capital Markets served as exclusive financial advisor to Clear Lam in the
transaction.
With
annual sales of approximately $80 million, the Clear Lam Thermoforming Division
is a major supplier of food packaging containers made from polyethylene
terephthalate (PET) and polylactic acid (PLA) to leading North American food
processors and retailers.
“We
are big believers in the thermoforming sector and believe that the combination
of our companies will make the business uniquely qualified to serve the marketplace,”
says James Sanfilippo, president and CEO of Clear Lam Packaging, Inc. “We also
recognize that scale is important for sustained growth in our industry and we
expect our customers to benefit from the addition of D&W Fine Pack's other
thermoforming product offerings and diverse manufacturing locations.”
“Combining
Clear Lam Thermoforming with D&W’s existing portfolio of businesses will
add innovative products and strengthen our focus on sustainability and
environmental stewardship,” says Mark Staton, president and CEO, D&W Fine
Pack. “With demand for renewable packaging materials growing, Clear Lam has
made great strides in bringing new designs and technologies to market and we’re
excited to tap into their technical expertise.”
Clear
Lam will continue to own and operate its other three divisions, which accounted
for over 65 percent of company revenue in 2011. Clear Lam plans to expand its
Flexible Films and Forming Films divisions and anticipates explosive growth in
its CL Polymers unit. CL Polymers manufactures proprietary compounds designed
to improve performance characteristics for both bioplastics and traditional
petroleum-based plastics.
“Clear
Lam will continue to invest in new technologies that provide innovative
solutions to our customers while reducing costs,” says Sanfilippo. “Developing
new packaging structures that incorporate renewable raw materials or recycled
content and designs that allow for light weighting will remain key areas of
focus for the next several years.”
Clear
Lam shall continue its mission to emphasize the use of renewable packaging
materials produced from plant-based bioplastics along with ingredients that
enhance performance. These materials are part of the company’s Project
EarthClear program and replace petroleum-based plastics with biobased
ingredients developed to reduce the introduction of fossil carbon into the
atmosphere.
Clear
Lam Packaging
www.clearlam.com
D&W
Fine Pack
www.dwfinepack.com
About
Mid Oaks Investments, LLC
www.midoaks.com
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