Good Natured Products buys Illinois-based sheet extruder Ex-Tech Plastics
Good Natured Products Inc. has been acquiring companies to support growth of bio-based packaging.
A company preaching the gospel of polylactic acid-based bioplastics is working to convert processors of conventional plastics, one company at a time or three in 12 months.
Good Natured Products Inc. of Vancouver is acquiring sheet extruder Ex-Tech Plastics Inc. of Richmond, Ill. Good Natured has agreed to pay US$14.1 million for all of Ex-Tech s operating assets along with real estate owned by a related company, ETP Inc.
Those assets include Ex-Tech s 75,000-square-foot facility on 9 1/2 acres of land. Ex-Tech operates seven extrusion lines, serving customers in the food, retail and medical packaging markets, among others. Its customers primarily are in the U.S. Midwest and Southeast. It recorded 2020 sales of US$25.8 million (C$33 million), generated profit of about US$1.5 million and delivered EBITDA of abo
good natured Products Inc. Announces the Closing of its Acquisition of Integrated Packaging Films
Vancouver, British Columbia (Newsfile Corp. - December 22, 2020) - good natured Products Inc. (TSXV: GDNP) (the Company or
good natured® ), today announced that it has closed the strategic acquisition of, through a wholly owned subsidiary, IPF Holdings Inc. dba Integrated Packaging Films ( IPF ), for $16.7 million (the Acquisition ). All dollar figures in this release are in Canadian dollars unless noted otherwise.
The terms of the Acquisition were first announced on December 1, 2020, and the purchase price was paid through a combination of the previously announced $12.5 million in cash, the issuance of $833,467 in common shares of the Company ( Common Shares ) at a deemed price of $0.47 per Common Share, and the issuance of a $3.3 million vendor take-back note, subject to customary working capital and closing adjustments.