With a new CEO at the helm, Tekni-Plex undertook a reorganization that simplified its structure and how the company faces customers, eliminating historic brands that had been working in silos over the years.
"It's really a big emphasis on Tekni-Plex. Behind all of these individual different companies were company names. We have moved those names out and we're really talking about the name Tekni-Plex as an enterprise with only two divisions — Tekni-Plex Healthcare, Tekni-Plex Consumer Products — big and bold, really leading the way with trying to simplify that," she said. "For the customers, they just need to know they come to us with some of their challenges and we help them solve those."
Suj Mehta is the senior vice president of corporate development, mergers and acquisitions. In an email interview, he called the reorganization an evolution.
"We now approach our customers with a much greater sense of partnership and collaboration. This allows us [to] offer an even more eclectic array of mission-critical materials science solutions that help address their needs and goals," he said.
"We had a very natural evolution. Given our proximity to the markets that we serve, we refined our strategic focus to better understand the needs of our customers, redefined how we work with the customers and made it easier for our customers to interact with us," Mehta said.
This fundamental shift in how the company views itself will help propel Tekni-Plex forward, the CEO said.
"Initially the organization had all of these companies that were acquired set up as independent companies. What we found through our process was actually the definition of the company is not about the products that we make. It's not really how we define ourselves. What we define ourselves by is the material science, and it happens to be products and capabilities are more the tools in the toolbox," Chamulak said.
While Tekni-Plex now has annual sales approaching $1.6 billion, Chamulak said the firm is not done. "We believe that Tekni-Plex has the ability to grow much faster than the market and deliver solutions that are truly material science-based," she said.
The company's wide-ranging offerings include medical tubing, blister packaging, seals for packaging, dispensing systems, egg cartons, food trays and medical-grade compounds.
"We have a tremendous amount of competitive advantage — things that are very difficult to duplicate. Because we are a material science-based organization, we have proprietary formulas, technologies, know-how and the resources. What we do is very special, and it's about getting closer to the customers and the markets that we serve so they are aware of what they have at their fingertips to really help solve those problems," Chamulak said.
Genstar Capital, a San Francisco-based private equity firm, has owned Tekni-Plex since 2017. At the time of the acquisition, the company had about 2,500 employees.
"Understanding the power of what we have to offer and the deep capabilities of the business was key to unlocking the value of our business and was an important step in our journey," Mehta said. "Whether it's labeled a reorganization, repositioning or re-envisioning of the business, fundamentally, we have shifted how we approach the market and, more importantly, our customers."