US-based Atlas Holdings has acquired the North American Foam Trays and Absorbent Pads (TAP) businesses of Sealed Air Corporation for an undisclosed amount and launched its new operating company Novipax.
Novipax will be operating five manufacturing facilities serving food processors, supermarkets and food packaging distributors.
Atlas Holdings claimed that with the acquisition, Novipax will be a leading producer of absorbent pads and be one of the top manufacturers of expanded polystyrene (EPS) foam trays in the US.
The company will operate from facilities in Indianapolis, Indiana; Paxinos and Reading, Pennsylvania; Rockingham, North Carolina and Grenada, Mississippi.
Speaking about Novipax, CEO Bob Larson said: "I am thrilled to be part of NOVIPAX and look forward to working with our dedicated team of associates as we continue to deliver best-in-class products and superior customer service that are the foundation of our business.
"Novipax combines a new name and spirit with the same hard-working people and the backing and expertise of Atlas Holdings. I am confident that we're well positioned to grow and create real long-term value in the months and years to come."
Headquartered in Chicago, Illinois, Novipax has 760 employees.
Atlas Holdings managing partner Timothy Fazio said: "NOVIPAX's acquisition of Sealed Air's North American TAP business immediately establishes it as an industry leader in the manufacture of EPS foam trays and absorbent pads used in the packaging of meat, poultry and seafood."
Atlas Companies that owns Novipax provides its services to industries including aluminum processing, automotive, building materials, capital equipment, construction, energy, industrial services, packaging, paper, power generation, steel and supply chain management.