The Company estimates the one-year agreement will deliver between CAD$650,000 and CAD$1,300,000 revenue
good natured has signed agreement with food and beverage packaging provider. (Credit: congerdesign from Pixabay)
good natured Products announced that it has signed a one-year commercial agreement to supply earth-friendly packaging material to SmartPac. Led by industry veteran, Carey Edwards, SmartPac Inc. launched in 2019 and quickly established a customer base that is driving demand for alternatives in take-out food service and beverage packaging.
The Company estimates the one-year agreement will deliver between CAD$650,000 and CAD$1,300,000 revenue with expected gross margins of 25% to 30%. SmartPac and good natured are well positioned to deliver on demand for eco-friendly food service packaging alternatives to traditional, petroleum-based packaging.
“We’re excited to partner with the team at good natured in an effort to transition some of our plastic food and beverage packaging to plant-based alternatives,” said Carey Edwards, President & CEO of SmartPac Inc. “Our customers are asking us for more eco-friendly options, and this partnership will allow us to offer a wider range of custom-made earth-friendly packaging to our already large customer base.”
Paul Antoniadis, CEO of good natured, added: “It’s a real pleasure to be working with an industry leader like Carey and his growing team at SmartPac to make more plant-based products and packaging available to customers in the United States and Canada. It’s commercial agreements like these that reinforce our commitment to being a leader in the development and distribution of renewable, sustainable products and packaging in North America.”
This news comes after the Company’s recent announcements outlining the acquisition of Shepherd Thermoforming & Packaging Inc. and the signing of multi-year commercial agreements with two U.S food producers to supply plant-based packaging, delivering between CAD$1.7 million to CAD$2.0 million in organic growth on an annualized basis. The Shepherd acquisition is subject to certain closing conditions and is expected to close by the end of April 2020.
Source: Company Press Release