MN Packaging Co. Continues Growth With 7th Acquisition
Thiele Technologies, Inc., acquired Netherlands-based Symach—which makes equipment for pallet stacking—for an undisclosed sum in a deal that closed Tuesday.
The Minneapolis-based company—which designs and manufactures packaging equipment for numerous industries such as frozen and fresh food, beer, pharmaceutical, industrial, and medical device—said that Symach will add pallet stacking technologies to its existing packaging business.
Thiele spokeswoman Heidi Oelrich told Twin Cities Business that Symach will add approximately $10 million in annual revenue to Thiele’s business.
Oelrich said that Symach will continue to currently operate under its existing name, although that might change depending on the terms of the agreement. She added that it will operate as a wholly-owned subsidiary of Thiele and will continue to operate out of its facility in the Netherlands. Oelrich said that Thiele will retain all of Symach’s 40 employees.
The Symach deal marks Thiele’s seventh acquisition in nine years.
In 2005, Thiele acquired St. Paul-based dairy packaging equipment manufacturer Edmeyer, Inc.
In 2006, it acquired the assets and some business components of two companies: Owatonna-based packaging equipment manufacturer Slidell and Fridley-based material handling and packaging products manufacturer Streamfeeder, LLC.
In 2007, Thiele acquired Reedley, California-based SWF Companies—a provider of automated packaging machinery. It then acquired Kiel, Wisconsin-based Nigrelli Systems—a supplier of high-speed continuous motion packaging and tray handling systems—in 2008.
In 2009, it purchased the Hudson-Sharp Machine Company—a designer and manufacturer of plastic bag machinery with headquarters in Green Bay, Wisconsin and Brussels, Belgium.
Oelrich said that Thiele currently has future plans for other acquisitions; however, she didn’t disclose what those would be and when they might occur.
Thiele currently employs nearly 700 people, including Symach’s employees, according to Oelrich. Of those employees, roughly 250 work in Minnesota. The company reported approximately $120 million in revenue for the fiscal year, which ended in September.