American Securities to Pack Up Tekni-Plex for Portfolio
November 19, 2013
American Securities has agreed to acquire Tekni-Plex, a manufacturer of packaging and tubing materials for the healthcare, food and specialty packaging markets, from Oaktree Capital Management. Headquartered in King of Prussia, PA, Tekni-Plex operates 25 manufacturing sites in nine countries across North America, Europe, Latin America and Asia. Oaktree has backed Tekni-Plex since its financial restructuring in 2008, through which the firm and Avenue Capital Group came to own over an 80% interest in the company.