Pretium Packaging Announces Merger Completion With Novapak
By Canadian Packaging StaffGeneral Novapak Pretium Packaging
Pretium Packaging LLC, headquartered in Cheterfield, MO, has recently announced its merger with Eatontown, NJ-headquartered Novapak Corporation.
Pretium is a provider of custom blow molded packaging solutions with a primary focus in the food, pharmaceutical and personal care markets, in partnership with Castle Harlan Inc., a New York-based buy-out firm, while Novapak is a major producer of PET, PP, HDPE and in-line fluorinated HDPE containers for specialty chemical, personal care, healthcare, food, beverage, household and automotive applications.
The combined business will generate more than $240 million of blow molded bottle and injection molded pre-form sales to over 500 customers from 14 manufacturing facilities in the U.S. and Canada. The new entity will retain the name Pretium Packaging, be headquartered in Chesterfield, MO, and be managed by the current Pretium management team together with certain members of Novapak management.
Pretium’s President and CEO George Abd states, “We are very excited to realize the opportunity this combined enterprise presents. Both Pretium and Novapak have focused on small to medium volume, custom bottle applications. Much of both companies’ recent growth has come in PET bottles. The advantage for both companies’ customers is that while Pretium has invested significantly in one-step, wide mouth PET technology and assets, Novapak has made significant investment in two-step, narrow neck PET and pre-form manufacturing.
"The combination of these world-class assets and capabilities, will allow the merged company to offer our customers a full range of one-step and two-step PET bottles, as well as extrusion blow molding and injection blow molding alternatives in HDPE and PP. In addition, there is very little overlap between the two companies’ current customers, enabling the company to now deliver a broader range of products and services to an already existing customer base. We are also thrilled to be aligned with Castle Harlan, which has a long history of partnering with management teams to realize shareholder value through superior customer service.”
For more information, visit www.pretiumpkg.com.