RICHMOND, Va.–(BUSINESS WIRE)–Aug 2, 2022–
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.
TemperPack is the largest producer of sustainable cold chain materials for food and life sciences products in the U.S. The company’s mission is simple: protect products with materials that protect the planet. TemperPack was founded in 2015 to allow enterprises to ship perishable products without unnecessary plastic waste. Headquartered in Richmond, VA, with operations in Richmond and Las Vegas, NV, the company develops and scales innovative solutions that disrupt unsustainable packaging technologies. TemperPack’s products protect millions of shipments every month.
About KTM Industries
Green Cell Foam, a product of KTM Industries, Inc., is a unique, natural, environmentally friendly packaging material. Available since 2002, Green Cell Foam provides customers with an eco-conscious, compostable alternative made from cornstarch. The company provides design, testing and fabrication services at its Holt, Michigan and Reno, Nevada facilities. KTM has helped customers replace undesirable expanded polystyrene foam coolers in the pharmaceutical, specialty food and nutritional supplement industries, preventing over 10 million plastic-based coolers from filling landfills across the country.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220802005819/en/
CONTACT: Bob Beckler
Chairman & Chief Executive Officer
KEYWORD: VIRGINIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: ENVIRONMENT PACKAGING TRANSPORT ENVIRONMENTAL HEALTH MANUFACTURING SUSTAINABILITY GREEN TECHNOLOGY LOGISTICS/SUPPLY CHAIN MANAGEMENT RECYCLING
SOURCE: TemperPack Technologies
Copyright Business Wire 2022.
PUB: 08/02/2022 12:00 PM/DISC: 08/02/2022 12:02 PM
Copyright Business Wire 2022.