TemperPack completes acquisition of MSU Foundation portfolio company KTM Industries
Sustainable packaging entity will have over 700 employees and will continue operations in Holt, MI
CONTACT Rod Poland
September 12, 2022
EAST LANSING, Mich. –– US-based cold chain packaging company TemperPack Technologies has acquired Holt, MI based sustainable packaging provider KTM Industries, Inc., a portfolio company of the Michigan State University Foundation.
KTM Industries is the producer of Green Cell Foam, a natural, environmentally friendly packaging material made from cornstarch. KTM was launched in 2002 with initial intellectual property created by four professors at Michigan State University. The company also received investments from the Michigan State University Foundation which helps commercialize MSU intellectual property.
KTM serves the pharmaceutical, specialty food and nutritional supplement industries, providing eco-conscious and compostable alternative for expanded polystyrene foam coolers. The company also claims its solutions have diverted more than ten million plastic-based coolers from landfills. Additionally, the company designs Green Cell Foam-based protective packaging solutions for the automotive, wine, and cosmetic markets.
“We’re thrilled to have completed the transaction and come together as one TemperPack” said Bob Beckler, Chairman and CEO of TemperPack. “We’re excited to begin the process of working together to integrate our businesses and build on our strengths. Together, we are committed to bringing the market protective materials that are better for people and the planet.”
The acquisition allows TemperPack to expand its product line and increase its market coverage and will facilitate the development of renewable materials that could compete with plastic foams and other environmentally harmful materials utilized in cold-chain and non-thermal protective packaging.
“We are exceptionally pleased to bring together these two companies with disruptive technologies and complementary, high-performance products including ClimaCell and Green Cell Foam to serve the rapidly growing need for sustainable, protective materials.” added Beckler.
The combined entity will have more than 700 employees and operate four facilities in the US including Richmond, Virginia, Las Vegas and Reno, Nevada, and Holt, Michigan.
KTM president and CEO Tim Colonnese said: “This is an exciting milestone for us, one that will create great opportunities to expand Green Cell Foam. We are fully aligned with the mission of TemperPack which is to provide engineered, protective materials that eliminate the need for synthetic foams which harm the environment.”
TemperPack is expected to keep all 205 employees in Holt, MI.
“This is an exciting next step in the evolution of KTM, and we look forward to continuing to build the relationship between Michigan State University and TemperPack” said David Washburn, Executive Director of the Michigan State University Foundation.
The School of Packaging at Michigan State University is the first, largest and most comprehensive packaging school in higher education and offers the only packaging PhD degree in the country. With expertise in sustainability, medical, materials, design, distribution and value chain, Michigan State has over 600 students enrolled in the program.
Earlier this year, TemperPack received $140m in an equity financing round led by Goldman Sachs Asset Management’s Sustainable Investing unit.
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About TemperPack
TemperPack is the largest producer of sustainable cold chain materials for food and life sciences products in the U.S. The company’s mission is simple: protect products with materials that protect the planet. TemperPack was founded in 2015 to allow enterprises to ship perishable products without unnecessary plastic waste. Headquartered in Richmond, VA, with operations in Holt, MI, Las Vegas, NV, and Reno, NV, the company develops and scales innovative solutions that disrupt unsustainable packaging technologies. TemperPack’s products protect millions of shipments every month.
About the Michigan State University Foundation
Established in 1973 as an independent non-profit, the Michigan State University Foundation is committed to the commercialization of intellectual property invented by MSU faculty, staff, and students. The MSU Foundation manages an investment portfolio derived from decades of royalties and drives an innovation ecosystem operates a venture studio (Spartan Innovations), early-stage funding (Red Cedar Ventures and the Michigan Rise Pre-Seed III Fund), and develops, owns and leases select real estate assets that support Michigan State University’s economic development efforts. More information on the organization’s notable achievements, services, leadership, and history are available at www.msufoundation.org.