Prolamina declared that it has inked a definitive acquisition deal to purchase a definite book of business and some assets from Packaging Dynamics for an undisclosed price.
As per the deal, Prolamina will acquire Packaging Dynamics'10-color printing, converting and extrusion laminating businesses in Kaukauna, Wisconsin. The acquisition will complement Prolamina's expanding business pipeline and its targeted medical and food packaging markets. The purchase will enable Prolamina to rapidly manufacture more novel products for its customers.
As part of the acquisition, Packaging Dynamics’ top executive team will join the Prolamina management team and all of the purchased equipment along with the team will be shifted to Prolamina's new facility located in Neenah, Wisconsin. The deal is expected to be completed in the third quarter of 2011.
The Founder, Chairman and Chief Executive Officer of Prolamina, Harold Bevis stated that the acquisition is valuable for both Packaging Dynamics and Prolamina as it will allow the company to procure Packaging Dynamics’ high-quality papers . The company will also upgrade the acquired equipment and then redeploy them with its new machines, he added. These changes will allow the company to increase its presence in the Midwest region for the production of high-quality flexible packaging, he said.
Prolamina’s Chief Operating Officer, Tim French stated that the company will now have 3 plants, 13 printing presses, 12 laminators, 2 graphics design centers, converting devices such as pre-formed pouch making and laser scoring/perforating, and in-house metallization.