Thermoform Engineered Quality (TEQ) has announced the acquisition of UK-based Plastique Group in a bid to extend its overseas manufacturing capabilities, according to a report published in Plastics News. Terms of the deal were not disclosed.
“We have multiple customers in the US who prefer we have manufacturing closer to Europe,” said TEQ President Randy Loga in an interview with Plastics News.
A subsidiary of Esco Technologies, TEQ will be merged with its UK counterpart, with both companies benefiting from synergies that exist between the two thermoformers. The merger will raise TEQ’s annual sales to US$100 million, with a headcount of 400, according to Loga. In addition Plastique Group’s pulp molding capabilities will allow the company to offer a wider range of sustainable packaging.
“The similarities within the two operations are extensive and having the chance to jointly develop new markets across the globe is extremely exciting,” said John Lowe, Managing Director at Plastique Group.