FormTex, established in 1989, develops customised plastic packaging for the retail, medical, culinary, electronic, and industrial end sectors

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good natured Products acquired Houston-based FormTex Plastics for $4.8m. (Credit: Shutterbug75 from Pixabay)

Plant-based products provider good natured Products has completed the acquisition of all the business and operating assets of Houston-based FormTex Plastics for $4.8m.

The acquisition, announced in May this year, will expand the reach of good natured’s packaging business.

FormTex’s active B2B client base grows by 30 business-to-business customers as a result of the acquisition.

The management group that runs FormTex will become a part of the good natured’s team.

The deal will increase FormTex’s current capacity utilisation rate by 40% via boosted production uptime, the addition of extra capacity with more thermoforming machines, and the use of additional warehouse space.

It will also reduce the shipping costs to the company’s customers in the southern US due to FormTex’s proximity to one of the 10 largest outbound shipping endpoints in North America.

Through the deal, good natured will be able to use Houston-based manufacturing, importing, warehousing, and logistics to service the southeastern US, which includes Florida, Georgia, and North Carolina.

good natured CEO Paul Antoniadis said: “We are very pleased to complete this Acquisition and welcome everyone at FormTex to the good natured family.

“The addition of FormTex expands the scope and reach of our packaging business, in-line with the strategic direction we’ve communicated, and we believe there is material upside potential for revenue and profitability through capacity expansion, supply chain improvements and cost synergies previously disclosed.”

FormTex was established in 1989 and creates customised plastic packaging for the retail, medical, culinary, electronic, and industrial end sectors.

The company is engaged in the design and manufacture of thermoplastic moulded components and operates seven different thermoforming machines in a leased 51,000ft² facility on a 1.9-acre site in Houston, Texas.