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Investment firm SK Capital buys packaging thermoformer Lacerta Group

January 19/2021

MOSCOW (MRC) -- Specialty packaging thermoformer Lacerta Group Inc. has been acquired by New York City-based private investment firm SK Capital LP for an undisclosed amount, said Canplastics.

Founded in 1993 and headquartered in Mansfield, Mass., Lacerta makes packaging primarily for the food sector. The company offers a range of custom PET packaging products, including a line of tamper-evident products sold under the Fresh N Sealed brand.

The company has also developed a face shield made from PET resin for use by healthcare and retail workers. Lacertas co-founders, Ali and Mory Lotfi, will remain with the company and retain a significant ownership stake, SK Capital said in a Jan. 11 news release.

Lacerta has experienced top-line growth of 25% annually since 2013, the news release added.

"Ali, Mory and the Lacerta team have built an exceptional business with a best-in-class reputation for customer service, innovation and sustainable products, said Jack Norris, managing director of SK Capital. We look forward to partnering with Ali and Mory to support the continuation of Lacertas extraordinary growth. Our mutual focus is on preserving Lacertas customer-centric approach, which is highly differentiated in the market, while at the same time putting in place the required systems, processes and capabilities that will enable the company to scale alongside its expanding customer base."

As per MRC, SK Capital Partners completed the acquisition of a 39.75% stake, roughly 42.4 million shares, in titanium dioxide maker Venator from Huntsman for roughly USD100 million. The deal includes a 30-month option for the purchase of Huntsmans remaining approximate 9.5 million shares by SK at US2.15/share. Huntsman spun off Venator in a 2017 initial public offering.

As MRC reported earlier, Nanjing Jinling Huntsman, a joint venture between Huntsman and Sinopec Jinling, planned to shut its propylene oxide plant in Nanjing (Nanjing, Jiangsu Province, China) on November 1 for scheduled maintenance. This plant with a capacity of 240,000 tonnes/year of propylene oxide will be closed until approximately 25 November.

Propylene is the main feedstock for the production of polypropylene (PP).

According to MRC's DataScope report, PP imports into Russia increased by 21% year on year to about 202,000 tonnes in the first eleven months of 2020. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, neftegaz, petrochemistry, SK Corporation.
Category:General News
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