good natured Products Inc. , a North American leader in plant-based products, announced that, through a wholly owned subsidiary, it has entered into a definitive asset purchase agreement to acquire all of the business and operating assets of FormTex Plastics Corporation, a manufacturer of custom plastic packaging headquartered in Houston, Texas, for cash consideration of $4.8 million USD, subject to customary closing adjustments.
Founded in 1989, FormTex produces custom plastic packaging for the medical, food, electronic, industrial, and retail end markets. FormTex is ISO 9001:2015 certified in the design and manufacture of thermoplastic components and operates seven different thermoforming machines in a leased 51,000 square foot facility on 1.9 acres of land in Houston, Texas.
“We believe FormTex represents a very attractive acquisition for good natured® building on the strong foundation in our packaging business and expanding our geographic reach to highly strategic and synergistic markets,” said Paul Antoniadis, CEO of good natured®. “We expect to access cost synergies by directing internally-produced extruded rollstock sheet for use in FormTex’s operations, expanded capacity to handle the Company’s growth trajectory, and through logistic and operational efficiencies.”
Closing of the acquisition is scheduled for May 31, 2022.
