Trioworld Group is extending stretch film manufacturing capabilities to North America through the pending acquisition of Malpack.
Trioworld, based in Smålandsstenar, Sweden, has an agreement to purchase both Malpack Ltd. of Canada and Malpack Corp. in the United States, makers of stretch film for the transit packaging segment. Packing Film
"We see Trioworld as a uniquely positioned strategic sponsor and partner that will help us to accelerate plans to take our North American business to the next level," said Ricardo Cardoso in a statement. He will become Malpack's CEO and the new Trioworld North America Division president.
Malpack is based in Ajax, Ontario, where the company produces stretch films for the distribution, beverage, food, consumer goods, electronic commerce and industrial segments. The company, with 260 workers, also has a network of distribution centers in North America, Trioworld said.
Trioworld has production locations in Sweden, Denmark, Netherlands, United Kingdom and France for customers around the world. With about 1,550 employees, the company has annual sales of 850 million euros ($895 million). The company was founded in 1965 and has been under the ownership of Altor Fund IV, a private equity firm, since 2018.
"With our joint forces, we have now established a strong foothold in the Canadian and U.S. markets and will continue to ambitiously develop our joint offering," Trioworld CEO Andreas Malmberg said in a statement.
Malpack, with 260 employees, began operations in 1972 as a plastic bag maker and started producing films in 1997.
"Over the years, Malpack has created very strong brand recognition as a result of our efforts to advance the development of ultra-high-performance films," said existing Malpack CEO Tony Galea in a statement.
It was just in September that Trioworld announced acquisition of Quality Films of Woverhampton, U.K., a producer of stretch films for the food, beverage and industrial categories.
The company, in March 2022, also said it had an agreement to acquire stretch films maker Eurofilms Extrusion Ltd. of Telford, U.K.
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