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Tekni-Plex officially opens its new manufacturing facility in Suzhou, China on October 19.
Tekni-Plex officially opens its new manufacturing facility in Suzhou, China on October 19.

Private equity fund Genstar Capital has acquired Tekni-Plex, a US manufacturer of packaging and tubing materials, which has recently opened a new production facility in Suzhou, China.

Terms of the transaction were not disclosed, but Tekni-Plex is valued at US$1.5 billion as per Reuters' report.

Rob Rutledge, Managing Director at Genstar, said, "We are excited to be partnering with a proven, energetic and action-oriented management team. Tekni-Plex, led by CEO Paul Young, is a premier supplier to customers that possess the highest standards in quality, reliability, innovation and customer service."

Tekni-Plex CEO Paul Young said of the deal, "We have invested heavily in our facilities, equipment and organization over the past several years so that today Tekni-Plex's well-respected brands hold leadership positions in all of its key market segments. We look forward to the benefits of Genstar's investment professionals and strategic advisors who have significant relevant experience in similar businesses."

On October 19, Tekni-Plex officially opened its new manufacturing facility in Suzhou, China. The 13,000sqm site will produce products developed by Tekni-Plex’s Colorite, Natvar and Action Technology business units.

It features three Class 100K cleanrooms to accommodate medical-grade tubing and components production plus one Class 10K cleanroom that will produce Natvar's recently-announced silicone extrusion tubing for catheters, feeding tubes, drug delivery and peristaltic pump applications.

Production for micro-extrusion tubing that targets a wide variety of demanding neurovascular interventional therapies and surgical applications is expected to be on stream early next year.

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