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Plastic Suppliers, Inc. Announces $35 Million in New Expansion Financing in Response to Sustainable Packaging Demand
04.04.18

Plastic Suppliers, Inc. Announces $35 Million in New Expansion Financing in Response to Sustainable Packaging Demand

Plastic Suppliers, Inc. announced today new financing facilities of $35 million including funding for capital expansion of $23 million to increase capacity in 2018 and 2019 in response to growing demand for its EarthFirst® sustainable packaging and label film businesses. Funding for the expansion comes from two facilities: an $8 million facility to expand and add manufacturing to its Ghent, Belgium site and a $27 Million facility to fund growth and add additional production capacity to its Columbus, Ohio manufacturing facilities. 

Last October PSi, a pioneer in developing films manufactured from renewable resources, announced the introduction of a new, patented, ultra-lightweight film, EarthFirst® UL made from sugar cane, corn, and tapioca roots. The Company plans to add two new, high-speed production lines and significantly increase the capacity of a third line over the next 18 months.  The new film replaces legacy petrochemical-based films used today in flexible packaging applications. It not only reduces the amount of film used in flexible packaging by as much as 40%, but it is also less expensive and has the lowest carbon footprint of any film available today.

“EarthFirst® UL is a big win for consumers, municipalities, retailers, brand owners, and packaging converters alike.” cites George Thomas, CEO of PSI. “It reduces packaging volume entering the waste stream, lowers packaging-to-product ratios, makes the entire supply chain more cost effective, and is compostable. We have a pipeline of new sustainable products that build on this technical platform. The capital will be used to expand our capabilities, enhance our quality and R&D processes, and meet the growing demand for innovative and sustainable packaging in the future.”

KeyBank will provide funding for the Columbus expansion and growth projects. “Key Bank has earned our business and we are thrilled to have them as our banking partner,” cites PSi’s CFO, Michael DuFrayne. “They have been extremely creative in adapting these facilities to our specific needs.”

In addition to the new equipment, the company will invest over $750,000 for SQF certification by mid-year. SQF certification assures food retailers, brand owners, food processors, and packaging converters that food, including the materials used to make packaging, have been produced, processed and handled according to the highest standards. Chief Technical Officer, Francisco Cavalcanti noted, “Although not a requirement of film manufacturers, our new films are in direct contact with food and we see ourselves as an integral part of the final product. We feel it is critical that we elevate our manufacturing operations to the same food safety standards as the food processors.”

PSi is a global manufacturer of thin gauge films for the packaging, food, beverage, medical, personal care, office products, and other CPG segments with offices in Columbus Ohio and Ghent Belgium. The company markets products in over 50 countries in The Americas, Europe, Asia, Africa, and The Middle East.

For more information:

Christine A Schaefer

Director of Marketing

cschaefer@plasticsuppliers.com

+1 (614) 736 5534                                                  

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