Acquisition is second in past eight months for Cryopak; company also announces stock buyback, and a pair of capabilities investments in Atlanta facility.
Short Hills, NJ – Cryopak, a specialist in the design and development of cold chain packaging and temperature monitoring devices, has acquired the Gel-Pack manufacturing segment of Garden State Cold Storage (GSCS), which provides pickup-to-delivery cold storage logistics expertise for customers in the food and beverage industry throughout the northeastern United States. Among other benefits, the acquisition allows Cryopak to both produce Gel-Packs and execute freezing operations at the same location, which will lower costs, increase service levels and shorten lead times.
The deal was finalized on May 10, with production expected to commence in late summer. Adding GSCS’ facility in Carteret, NJ, brings Cryopak’s total North American plant locations to 10; its parent company, Integreon Global, now has 18 facilities. Cryopak is a subsidiary of Integreon Global, a family of companies that ensures product integrity and protection through innovative materials, testing services, packaging and monitoring solutions, and contract manufacturing.
For Cryopak, the investment is the second acquisition in the past eight months. The company also recently acquired retail Gel-Pack manufacturer Icy Cools, whose portfolio of more than 20 freezing products substantially enhanced Cryopak’s retail product line. Among other differentiators, Icy Cools produces hot/cold mats in a unique quilted format, with purified water held in place by a customized packaging system to form 2”x2″ or 2”x3″ pillow compartments. Icy Cools was incorporated into an existing Cryopak location at Edison, NJ.
Stock Buyback and Infrastructure Investment
In similar news, Integreon Global has announced a buyout of the remaining stock of Chasen Fiber Technologies (CFT), a textile recycling/manufacturing company that specializes in thermal packaging for shipping of refrigerated and frozen ingredients as well as the manufacturing of mattress components and insulator pads. The move capitalizes on the production capacity of CFT’s 80,000-sq-ft manufacturing facility in Irvington, NJ, helping pave the way for further expansion of Cryopak’s paper- and cotton-based recycled content thermal insulation and packaging portfolio.
In addition, in Cryopak’s Atlanta facility the company has made a significant investment toward incorporating spiral freezing capabilities, an initiative that will enhance its Gel-Pack products and service business. A first in North America for any gel-pack manufacturer, the spiral freezing technology promises to exponentially decrease frozen product lead times – in most cases, from several weeks to just a few hours.
At the same plant, Cryopak is also integrating a high-volume, low-cost mass production starch manufacturing department, thereby adding starch to its existing PUR, paper, cotton, fiber and EPS insulation substrates. Among other attributes, the starch substrate, process, and technology is the first capable of competing with more traditional materials (like EPS) on cost, performance and scaling – all while substantially increasing sustainability.
Both the spiral freezing technology and starch manufacturing capabilities are slated to commence operations in late 2024, with plans to expand to other Cryopak facilities in the future.
“Our recent acquisitions and substantial infrastructure investments reinforce a sharp growth curve that both Cryopak and Integreon Global are experiencing,” said Michael Hays, President of Integreon Global. “As we continue to assertively increase our overall capacity and expand our capabilities and categories, customers will benefit with broader selection, reduced lead times, enhanced overall service and improved sustainability.”
About Cryopak
With locations in the US, Canada and France, Cryopak manufactures items for temperature-sensitive shipping needs, including insulated shipping containers, gel packs, phase change materials, and temperature monitoring devices. www.cryopak.com
About Integreon Global
Headquartered in Short Hills, NJ, Integreon Global is a family of companies that ensure product integrity and protection through innovative materials, testing services, packaging and monitoring solutions, and contract manufacturing. www.integreonglobal.com
