Plastics processing leader Tekni-Plex Inc. might be up for sale, according to a recent media report.
Bloomberg reported Sept. 25 that Genstar Capital, the San Francisco-based private equity firm that owns Tekni-Plex, is looking for a buyer in a deal that could value Wayne, Pa.-based Tekni-Plex at more than $4 billion.
The report added that similar companies or other private equity firms could be interested in acquiring Tekni-Plex, which Genstar has owned since 2017. Reports at the time said that Genstar paid $1.5 billion for Tekni-Plex.
Tekni-Plex has annual sales of more than $2 billion and made 18 acquisitions from 2014-22. The firm ranks at 39th among film and sheet makers in North America, according to Plastics News data, and is 53rd among pipe, profile and tubing extruders.
Earlier this year, Tekni-Plex announced plans to spend $46 million to build a new packaging plant in Madison, Wis., and about $8.5 million to double capacity at its Cartago, Costa Rica, health care plant.
Tekni-Plex CEO Brenda Chamulak was a keynote speaker at the 2023 Plastics News Executive Forum in March. Since becoming CEO in 2021, she simplified the company's structure to create two divisions in health care and consumer packaging, eliminating more than a dozen brands that it had previously acquired.
"It's really about how we pivoted our organization from an internally focused [one] to an external market-facing organization where opportunities really could line up because we approached the market differently," Chamulak said at the event.
