In Vancouver, Solegear Bioplastic Technologies has agreed to acquire LINDAR’s bioplastic division for CAD$845,000, or CAD.20/share.
LINDAR, based in Minnesota, is a thermoformer specializing in single-serve and tamper-evident food packaging.
“The food industry has been most significantly impacted by consumer and regulatory concerns about safety,” says Paul Antoniadis, CEO of Solegear. “LINDAR was one of the early innovators to embrace the important role packaging design can play in ensuring food safety. By combining LINDAR’s thermoformed packaging know-how with Solegear’s commitment to engineering plant-based materials with no BPAs or phthalates, this acquisition positions Solegear with the people, infrastructure, products and pricing to further scale our business at a faster rate.”
The acquired business generated CAD$1.3 million in revenue in 2015