US supplier acquires Israeli firm StePac / First site across the Atlantic
With the takeover of Israeli company StePac (Tefen; www.stepac.com), US flexible packaging manufacturer PPC Flexible Packaging (Buffalo Grove, Illinois; www.ppcflex.com), is spanning the ocean for the first time.

In addition to modified atmosphere packaging (MAP), StePac produces various polymer films with different water vapour permeability rates to extend the shelf life of fresh fruit and vegetables. Asaf Shachnai is expected to continue to lead the Israeli manufacturer as CEO after the closing of the acquisition, for which no financial details were provided.

StePac has its roots in the DS Smith (London; www.dssmith.com) packaging group. The latter sold the non-core MAP manufacturer to chemical mixing group Johnson Matthey (London; www.matthey.com) in 2015. DS Smith then divested its remaining plastics activities in 2020 and has since concentrated on paper and cardboard packaging.

Founded in 2017, PPC has attracted attention through acquisitions almost every six months. The owner is the US private equity firm GTCR (Chicago, Illinois; www.gtcr.com). PPC has 11 production plants are in the US and one in Bogota, Colombia. Additionally, it operates a distribution centre outside the US in Quito, Ecuador.

The company produces flexible packaging for pharmaceuticals, food, pet food, and non-food applications. The US packaging company is led by CEO Kevin Keneally.
13.03.2023 Plasteurope.com [252312-0]
Published on 13.03.2023
PPC Flexible Packaging: US-Hersteller ├╝bernimmt israelische StePacGerman version of this article...

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