Pregis Corporation has acquired Romanian protective packaging manufacturer Petroflax for $12 million.
Petroflax was established in 1994 and generated 2006 annual revenue of approximately $9 million. The company is a producer and distributor of foam-based products, including expanded polyethylene packaging. Pregis President and chief executive, Michael McDonnell, said: “We are pleased to welcome Petroflax to the Pregis organization. The acquisition expands our strong Central European protective packaging operations and enhances our ability to serve our customers.” Among the European manufacturing operations owned by Pregis are facilities in Poland and Czech Republic. It also has facilities in the UK, where its Jiffy mailer bags and associated products are well known. Petroflax purchase widens group's central European presence. (union-network.org)