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Clear Lam Packaging Inc., Elk Grove Village, Ill., says it is selling its thermoforming division to D&W Fine Pack, a supplier of foodservice packaging and a portfolio company of Mid Oaks Investments LLC, headquartered in Fountain Inn, S.C. Terms of the sale are not being disclosed.
With annual sales of approximately $80 million, the Clear Lam Thermoforming Division provides food packaging containers made from polyethylene terephthalate (PET) and polylactic acid (PLA) to North American food processors and retailers. The sale includes facilities located in Elk Grove Village; Vernon, Calif.; and one international facility in Nanjing, China.
“We are delighted to welcome Clear Lam to the D&W Fine Pack family, which allows us to offer our customers exceptional value, greater choices and more flexibility,” says Mark Staton, president and CEO of D&W Fine Pack. “This is an outstanding operational addition that provides us significant incremental ability to service our retail grocery and processor customers.”
Says James Sanfilippo, president and CEO of Clear Lam, “We are big believers in the thermoforming sector and believe that the combination of our companies will make the business uniquely qualified to serve the marketplace. We also recognize that scale is important for sustained growth in our industry, and we expect our customers to benefit from the addition of D&W Fine Pack's other thermoforming product offerings and diverse manufacturing locations.”
Clear Lam says it will continue to own and operate its other three divisions, which accounted for more than 65% of its revenue in 2011. Clear Lam adds that it plans to expand its Flexible Films and Forming Films Divisions and anticipates explosive growth in its CL Polymers unit. CL Polymers manufactures proprietary compounds designed to improve performance characteristics for both bioplastics and traditional petroleum-based plastics.