TemperPack brings on Green Cell Foam, expanding its footprint in sustainable, protective materials
Once the transaction is closed, the combined enterprise will have over 700 employees in four U.S. locations. (Credit: PublicDomainPictures from Pixabay)
TemperPack Technologies, a manufacturer of high-performance, sustainable thermal insulation for cold chain packaging, announced today that the company has reached an agreement to acquire KTM Industries, subject to customary closing conditions. With this move, TemperPack will be able to offer customers an expanded product line and increased market coverage. Once the transaction is closed, the combined enterprise will have over 700 employees in four U.S. locations: Richmond, VA; Las Vegas, NV; Reno, NV; and Holt, MI.
The acquisition brings together two industry leaders in the development of renewable materials to compete with plastic foams and other harmful materials used in cold-chain and non-thermal, protective packaging. As TemperPack integrates teams, systems, and operations, it will leverage the capacity and expertise at each facility to offer customers the right solutions to meet their needs.
“We are exceptionally pleased to bring together these two companies with disruptive technologies and complementary, high-performance products including ClimaCell and Green Cell Foam to serve the rapidly growing need for sustainable, protective materials,” said TemperPack’s Chairman and CEO, Bob Beckler. “The strategic fit of TemperPack and KTM could not be stronger. We look forward to accelerating our growth and working together with the talented people of KTM.”
Tim Colonnese, President and CEO of KTM, said “This is an exciting milestone for us, one that will create great opportunities to expand Green Cell Foam. We are fully aligned with the mission of TemperPack which is to provide engineered, protective materials that eliminate the need for synthetic foams which harm the environment. We are pleased to be joining forces with one of the most innovative and fast-growing companies in the industry.”
The transaction is expected to close in August, 2022.
Source: Company Press Release