Pretium Packaging has acquired Patrick Products, a supplier of packaging and container for the janitorial, automotive, and household chemical market sectors.
US-based Patrick is engaged in the manufacturing of rigid blow-molded plastic containers for its customers.
Patrick Products chairman and CEO Bob Patrick said: "When we founded Patrick Products in 1999 our goal was to build a state-of-the-art facility coupled with an outstanding employee team to service our customers. We reached that goal.”
Upon completion of the deal, Pretium will retain the Patrick brand and will join Patrick’s existing Pretium and CBM divisional brands. Financial terms of the deal were undisclosed.
Patrick Products president Roger Selhorst said: "Patrick Products now has the ability to offer our customers a combined footprint across North America.
“Pretium completed its due diligence quickly and really took the time to understand our business, our people and our future growth plans.”
Patrick said that the deal allows it to leverage Pretium's extensive PET capabilities.
Pretium president and CEO Paul Kayser said that the firm partnered with financial sponsor, Genstar Capital, and plans to make more acquisitions in the future.
Recently, Pretium Packaging announced its plan to close its factory in Seymour, Indiana, US which would affect 55 employees.
The company was reported by Plastics News as saying in a statement: "After an intense yearlong analysis, in order to improve our effectiveness for our customers and ensure we remain cost-competitive, we felt it necessary to consolidate our business across the many other Pretium sites."
Pretium is engaged in manufacturing short-to-medium run PET and HDPE rigid plastic blow-molded containers and closures for its customers in the food and specialty beverage, household and industrial, health and beauty, and sports nutrition and dietary supplements markets.