Tekni-Plex, Inc. has acquired the healthcare packaging, performance lidstock, induction seal and specialty lamination businesses of Oracle Packaging, Winston-Salem, North Carolina. Oracle Packaging is a portfolio company of Centre Lane Partners, LLC.
Oracle specializes in manufacturing flexible packaging laminates for healthcare, food and beverage and specialty applications. The healthcare packaging portfolio includes pouchstock and sterilizable barrier laminates. Additionally, the company manufactures performance lidstock products, induction heat seals and specialty lamination structures that target hard-to-hold products and those requiring puncture resistance.
Going forward, these product lines will become part of Tri-Seal, a Tekni-Plex business. Tri-Seal is known for its broad range of liners manufactured in a variety of materials ranging from a one-piece induction seal to nine-layer extrusions and laminations. The business unit operates manufacturing facilities in North America, Europe and Asia.
"The addition of the Oracle product lines to our Tri-Seal business unit will enable us to combine our existing liner expertise with complementary specialty packaging offerings. Growing our flexible packaging capability with new lidding and pouchstock products will enable us to provide additional value to our existing customers and penetrate new markets," said Paul J. Young, president and chief executive officer, Tekni-Plex.
Oracle's 450,000-square-foot manufacturing facility in Winston-Salem is included in the acquisition. The facility currently employs approximately 170 people.
The Oracle Packaging purchase is the ninth acquisition Tekni-Plex has made in the past four years, supporting its strategy to grow its business via both organic and acquisition paths. Tekni-Plex has a solid track record of successful business integrations, having acquired companies with innovative plastic and rubber products to further drive growth. Jefferies LLC acted as the financial advisor to Oracle Packaging in the transaction.