Johnson Matthey acquires StePac’s MAP business $28 mn

Johnson Matthey acquires StePac’s MAP business for $28 mn

9:32 AM, 26th May 2015
Johnson Matthey acquires StePac’s MAP business for $28 mn
Robert MacLeod, chief executive, Johnson Matthey (File photo).

ROYSTON, UK: Speciality chemical company Johnson Matthey Plc said that on 18 May it acquired the StePac modified atmosphere packaging (MAP) business (including all assets) from DS Smith for £18 million ($27.8 million), subject to typical post-closing adjustments.

 StePac, which has manufacturing facilities in Israel and the US, for the year ended 30 April, 2014 had sales of around £15 million, Johnson Matthey said.

Atmosphere control technologies for shelf life extension in the fresh produce supply chain is one of Johnson Matthey’s new business areas where there is an attractive market for the development of advanced packaging solutions that can prolong life and thereby reduce food waste.

The acquisition of StePac complements Johnson Matthey’s expertise in functional materials, bringing post-harvest expertise and IP in the area of polymer based MAP products.

“The acquisition of StePac is an important step in the development of our atmosphere control technologies business. The combination of Johnson Matthey’s expertise in advanced materials and StePac’s complementary technical and applications knowledge will enable us to develop new, sustainable technologies for customers in the fresh produce supply chain that prolong shelf life and reduce waste,” said Robert MacLeod, chief executive, Johnson Matthey.

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