Page 43 - Plastics News February 2022

BUSINESS NEwS

Sealed Air Acquires Ireland-Based Packaging HP Acquires Choose

Company Foxpak Packaging

facilities. Sealed Air president S-based
and CEO Ted Doheny said: Utechnology
“Foxpak will build on our firm Hewlett-
digital packaging solutions Packard (HP)
where graphic design and has acquired
digital printing are key areas p a c ka gin g
of value creation.“Foxpak development
is recognised as a customer- c ompany
centric, digital printing Choos e
pioneer. Together we will P ac k ag ing
accelerate our digital future in an effort
with innovations in smart to strengthen its capabilities in the
packaging for leading brands sustainable packaging vertical. The
S-based packaging company around the world.” The financial terms of patented technology uses naturally
USealed Air has acquired Irish the transaction have not been disclosed. occurring and non-toxic materials to
packaging solutions company Foxpak Sealed Air currently serves customers create a replacement for conventional
Flexibles in an effort to expand its in 117 countries and territories, plastic bottles. HP chief strategy and
presence in Europe. The company employing around 16,500 people in incubation officer Savi Baveja said:
carried out the acquisition through total.In November last year, the company “This acquisition is a great example
SEE Ventures, a company initiative announced a three-year collaboration of how we continue to strengthen
to focus on investing in ‘disruptive’ with the College of Communication and our capabilities in attractive verticals
like sustainable packaging while also
technologies and business models. With Art Design at the Shanghai University driving progress against HP’s broader
the addition of Foxpak, Sealed Air aims of Science and Technology (USST) to sustainability goals. “Choose has
to help advance innovations in smart train future packaging professionals built a truly differentiated technology
packaging. Based in Collon, Ireland, among USST students. The company and we are excited to welcome this
Foxpak has developed digital flexible and recently announced it financial results talented team to the HP family.”
compostable packaging and uses digital for the quarter Fourth quarter net sales HP will integrate Choose into its
printing capabilities to print directly in Food were $877 million, an increase Personalisation and 3D Printing
onto its flexible packaging materials. The of 16% as reported. Currency had an business to upscale its technology
company claims it can efficiently scale up unfavorable impact of $11 million, or and customer footprint within the
or down its solution in line with customer 1.5%. On a constant dollar basis, net sales market. The acquisition is part of HP’s
specifications. Founded in 2001, Foxpak increased 17%, with favorable price of strategy to ‘disrupt’ strategic vertical
currently serves customers in more than 11% and volume growth of 6%. Higher markets and enhance its environmental
30 countries, employing a total of 33 volumes, which were experienced across sustainability. It follows the launch of
people. The privately-owned company all regions, were mainly led by favorable HP’s 3D printing-enabled Moulded
works in collaboration with major brands demand in food service and automated Fibre Tooling Solution, which is
to offer packaging solutions, stand-up and equipment solutions. Adjusted EBITDA designed to make customisable, fibre-
spout pouches and sachets.Its products of $204 million, or 23.3% of net sales, based products more affordable. The
are exported to Northern Ireland, the increased 20% from $170 million, or financial terms of the transaction have
UK, Europe and the US, where they 22.4% of net sales, in the prior year. not been disclosed. Choose Packaging
are used for various applications in the The increase in Adjusted EBITDA was founder and managing director James
food retail, pet food, seafood and snack primarily attributable to higher volumes Longcroft said: “HP’s world-class
capabilities and expertise can help
food markets. In 2019, Foxpak opened and favorable price/cost spread. Fourth scale our impact at a global level.“We
a manufacturing plant in Collon and quarter net sales in Protective were $655 are thrilled to join the HP team and
invested €3m in new equipment and million, an increase of 12% as reported. couldn’t have chosen a better match.

42 PLASTICS NEWS FEBRUARY 2022 43 PLASTICS NEWS FEBRUARY 2022