good natured Products Inc. acquires FormTex for $8M
by CM Staff
FormTex has been in the business of producing custom plastic packaging for the medical, food, electronic, industrial and retail markets for more than three decades.
VANCOUVER — good natured Products Inc. has entered into a definitive asset purchase agreement to acquire all of the business and operating assets of FormTex Plastics Corporation, a manufacturer of custom plastic packaging headquartered in Houston, Texas.
The transaction closed for a cash consideration of USD $4.8 million.
FormTex has been in the business of producing custom plastic packaging for the medical, food, electronic, industrial and retail markets for more than three decades. The company is also certified in the design and manufacture of thermoplastic molded components.
“We believe FormTex represents a very attractive acquisition for good natured®, building on the strong foundation in our packaging business and expanding our geographic reach to highly strategic and synergistic markets,” said Paul Antoniadis, CEO of good natured in a statement.
“We expect to access cost synergies by directing internally-produced extruded rollstock sheet for use in FormTex’s operations, expanded capacity to handle the Company’s growth trajectory, and through logistic and operational efficiencies.”