Page 49 - Plastics News August 2019

BUSINESS NEWS

Evonik Venture Capital invests in Paccor acquires rigid barrier
east coast US fund packaging manufacturer EDV

Packaging
vonik is extending its corporate venture capital activities
Ein the US with an investment into Tech Council Ventures accor has acquired the majority stake in
II. Evonik is investing a single-digit million US-dollar PEDV Packaging Solutions, one of the leading
amount. Tech Council Ventures is a US-focused early-stage manufacturers of rigid barrier packaging for the food
LQYHVWRU ,W ÀQDQFHV \RXQJ LQQRYDWLYH VWDUW XS FRPSDQLHV industry worldwide. EDV outpaces the competition in
and actively supports them with their extended network in
the Mid-Atlantic region on the east coast of the US. “Fund delivering products which require greater protection
investments are an against oxygen migration and coffee capsules made
important part of from polypropylene, as well as made out of advanced
Evonik’s venture bio compostable materials. The acquisition will
allow both groups to lead the innovative change in
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said Bernhard Mohr, manufacturing sustainable packaging and to become
head of Evonik the global leader for rigid barrier applications, with
Venture Capital. EDV becoming PACCOR’s Center of Excellence for
“The partnership thermoformed products requiring higher oxygen
with Tech Council protection. Furthermore, PACCOR will also enter
Ventures enables us the highly attractive and fast-growing market for
to get in touch with coffee capsules in Europe. At the same time, EDV has
a broad range of innovative start-ups that are located near gained a strong partner for the further support of its
our North American headquarters and will provide us with market growth in Europe and beyond. The acquisition
advances Paccor’s position in rigid barrier packaging
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The fund is based in New Brunswick, New Jersey, near applications globally. Paccor , the leading manufacturer
Evonik’s US headquarters in Parsippany and will enable of sustainable and innovative plastic packaging
access to a local network of technology start-ups including solutions, has further executed its long-term growth
academia and industry. In the US, Evonik Venture Capital strategy and has acquired EDV Packaging Solutions. EDV
is represented by Lutz Stoeber and Eric Breese, who are Packaging Solutions, S.A. has been the leading producer
responsible for Evonik’s venture capital activities in North of food protection packaging, including barrier sheets
America.“The investment underlines our commitment and thermoformed containers to extend product
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Tech Council Ventures II focuses on areas that have a close
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of materials, life sciences, healthcare, internet of things
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North America headquarters and US-based venture team,
the synergy of our focus and network in the Mid-Atlantic
region and Evonik’s global footprint and perspective will shelf-life, often in partnership with global food
create tremendous opportunities to partner on exciting producers. EDV has also developed processes for the
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Tech Council Ventures. Evonik launched its second coffee capsules made from polypropylene, as well as
venture capital fund with a volume of €150 million at the advanced bio compostable materials.
beginning of 2019.

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51 August 2019 Plastics News