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February 21, 2014
Milacron acquires packaging technology provider Kortec
Milacron LLC (Cincinnati, Ohio; www.milacron.com
), a provider of high-precision plastics processing technologies, has announced the acquisition of Kortec, a supplier of co-injection technology solutions to the packaging industry. This combination positions Milacron as a leading provider of fully integrated, turnkey co-injection barrier systems.
Milacron CEO Tom Goeke stated “The addition of Kortec is a perfect accompaniment to Milacron’s acquisition of hot runner manufacturer Mold-Masters in 2013. Mold-Masters’ existing IRIS barrier technology and Milacron’s machinery platform, in partnership with Kortec, will create the widest co-injection solutions capability in the plastics industry. This furthers our vision to focus on giving our customers an unprecedented range of fully integrated solutions.”
Injection molded barrier packaging has seen significant growth in the last five years to replace cans, tin, glass and thermoforming in markets such as shelf stable thin wall packaging, beverage packaging, pet foods, single serve coffee and medical parts. The growth is driven by the cost, quality, shape and productivity advantages of plastic packaging.
Kortec President and CEO Paul Swenson commented that “This presents a great opportunity for Kortec and its employees to reach a larger customer base with the global reach and resources provided by teaming with Milacron. By teaming with Milacron, Kortec will be able to supply a wider variety of solutions, further enhancing our offerings to the market and creating better ways to serve our customers.”
The transaction, subject to customary closing conditions, is expected to close before the end of February 2014.