Private equity firm American Securities has signed an agreement to acquire the US-based packaging and tubing materials manufacturer Tekni-Plex for an undisclosed value.
The acquisition is expected to close by the end of 2013 and will be funded by the Oaktree Capital Management.
Tekni-Plex chief executive officer Paul Young said the company remains focused on collaborating with its customers to offer new and quality product solutions to meet their needs.
"We are excited about our new partnership with American Securities, which will enhance our ability to service our customers worldwide through ongoing investment in product development, technology and expansion of our global footprint," Young added.
Tekni-Plex supplies materials for customers including healthcare, food and specialty packaging markets from its 25 manufacturing sites located in nine countries across North America, Europe, Latin America and Asia.