MONTREAL—Canadian plastics manufacturer IPL Inc. is adding to its footprint in the U.S. and expanding into South America with a new acquisition.
The company, which makes plastic injection molded products for the food and industries sectors, said May 23 it will buy California-based Macro Plastics Inc. for US$150 million.
“This transformational acquisition gives us our first significant presence on the west coast of America, providing us with a leading position in a number of growing market segments,” Luis de Jesus, IPL’s president and CEO, said in a statement. “The acquisition also expands our geographic reach, product portfolio and customer base across the growing North and South-American markets.”
IPL is a subsidiary of Ireland’s One51 plc, which is aiming to build a global position in the rigid plastics market. The European firm also purchased Ohio’s Encore Industries last November through its Canadian unit.
Macro Plastics has three U.S. manufacturing plants in California, Washington and Kentucky as well as an international sales network.
The companies expect the deal to close this June.