Clysar purchased by Cove Point Holdings
New York-based firm plans to invest strongly in Clysar’s shrink film operation to enhance and grow the company’s market and competitive position.
NEW YORK, NY—Cove Point Holdings, LLC, a privately-held company, has purchased the Clysar division of Bemis Company, Inc., one of the leading U.S. manufacturers of premium polyolefin shrink films used to wrap food and consumer goods.
The terms of the agreement between Cove Point and Bemis were not disclosed.
Reflecting the strong brand value of the Clysar shrink film business developed over its 50-year history, the company has been renamed Clysar, LLC.
Now a stand-alone and independent company, Clysar will move its headquarters from Oshkosh, Wisconsin to Clinton, Iowa, where its extrusion and converting campus is located.
“Our capable, dedicated Clinton workforce has played a pivotal role in our first half-century of growth,” says Clysar general manager William Hare. “This is an opportunity for Clysar to centralize our leadership, technology, development and manufacturing to make us an even stronger force in the shrink film market.”
The acquisition is expected to have a highly-favorable impact on the Clysar business.
“Our philosophy is to acquire stable, American-based companies with excellent growth potential, and then invest in value-creation strategies that help them flourish,” xplains Cove Point owner William C. Morris. “Clysar fits our profile perfectly with its heartland location, sophisticated technology, robust product portfolio, exceptional distribution network and strong market position. We’re excited about Clysar’s bright possibilities as part of our family of companies.”
Celebrating its 50th anniversary in 2013, Clysar was started by DuPont and purchased by Bemis in 2002. Clysar films are sold through two-step distribution and are used strictly in non-barrier applications. The divestiture allows Bemis to focus on its direct sales model and value-added flexible packaging businesses.
About Clysar, LLC
Established in 1963, Clysar manufactures high-performance polyolefin films for a wide variety of packaging applications including meat, poultry, produce, bakery, pizza, office supplies, hardware and consumer products. Today, the Clysar product line of industry-leading films includes LTC (Lowest Total Cost) thin films; ShrinkBox corrugate-replacement films; and Trayloc tray overwrap. For more information, visit www.clysar.com.
About Cove Point Holdings, LLC
Cove Point Holdings, LLC, is a New York City-based, private-company wholly-owned by William C. Morris, whose primary activity is to own, operate and grow manufacturing businesses in the U.S. niter States. Cove Point and its owner have multiple decades of experience and success in this work.
About Bemis Company, Inc.
Bemis Company, Inc., is a major supplier of packaging and pressure sensitive materials used by leading food, consumer products, healthcare and other companies worldwide. Founded in 1858, it has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing and converting. Headquartered in Neenah, Wisconsin, Bemis employs approximately 20,000 individuals worldwide. More information about Bemis is available at www.bemis.com.