CANADA – Scotia Investments Limited (SIL), together with CKF, Inc. (CKF), have reached an agreement to acquire Packright Manufacturing Ltd. (Packright).
Packright will become a wholly-owned subsidiary of CKF. Given the recognized legacy of innovation, quality, and customer service that has been built around the Packright brand, the company will continue to operate in the market as “Packright.”
Its management team and staff are integral to the next stage of growth for the company as part of CKF. Colin Chiu will be appointed director – new market development, plastics.
Founded in 2003, Packright has a proven track record of building and growing markets, designing new products, and operating a lean manufacturing plant.
For its part, CKF, established in 1933, operates five plants across Canada and two in the US in three material substrates: foam, rPET, and molded pulp. CKF services many of the same customers as Packright and operates in similar markets in North America.
The acquisition offers both companies and the combined customer base benefits of scale, design, and market access.
Packright will gain access to CKF’s capital strength, manufacturing expertise, and capacity, while CKF will benefit from Packright’s design prowess, its market reputation for quality products, and its established, loyal customer base.
Most importantly, the combined customer base will have access to a deeper and wider product line, expanded production capacity from CKF’s Delta plant, and a vertically integrated supplier when CKF’s extrusion facility in Rexdale, Ontario, is operational in December 2022.
“Counting Packright as part of the CKF family is a milestone for our entire group,” says Ian Anderson, president of CKF.
“Not only are we gaining a tremendous depth of knowledge in rPET design and manufacturing, but the acquisition aligns with our vision and investment strategy to build the scale and standardization required for a sustainable, circular economy for rPET.”
SIL President and Chief Executive Officer Randy MacMillan said: “On behalf of our Board and shareholding family, I extend a warm welcome to the employees of Packright.
“We look forward to working together to build a sustainable future, incorporating leading-edge closed-loop strategies for rPET.
“Packright is yet another example of how SIL is investing in growth opportunities and organizations whose employees and customers value leading-edge sustainable products, long-term stewardship, environmental integrity, and community well-being.”
Meanwhile, CKF recently completed its acquisition of MFT-CKF, Inc., which designs, manufactures, and distributes environmentally responsible molded pulp protective packaging solutions for consumer goods, electronics, and industrial products from plants in Clinton, Iowa, and El Paso, Texas.
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