TemperPack, a Richmond company that specializes in environmentally friendly packaging materials for temperature-sensitive products, said Tuesday it has reached a deal to acquire Michigan’s KTM Industries.
Terms of the transaction were not disclosed. The deal is expected to close later this month.
TemperPack said the purchase will bring together two leaders in the production of eco-friendly materials used in cold-chain and nonthermal protective packaging. KTM is behind a material called Green Cell Foam, which is made from U.S.-grown corn. It is not recyclable but can dissolve in water, be composted, burned or even used as plant food. TemperPack’s flagship product, called ClimaCell, is an insulation material that replaces Styrofoam coolers for use in shipping food and life sciences products. Clients include HelloFresh and UPS Healthcare.
The Richmond company also said the deal will allow it to increase its market coverage and will grow its employee count from about 350 to 700 with…
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