New owner will provide opportunities for growth
Terms of the sale were not disclosed. Shawano-based WF&B, a manufacturer of custom polyethylene bags and films as well as an innovator in sustainable and recycled materials, operates both a converting and a plastics recycling plant, employing approximately 175 employees.
The sale is not expected to impact the local leadership of WF&B and should provide needed stability for previously announced retirements coming in 2016.
“Both Al Johnson and I will retire in 2016. That has always been our plan,” says Jim feeney, president of WF&B. “Normally it presents a challenge to new investors, but Novolex is deep enough that they will be able to backfill our positions.”
With the addition of WF&B, Novolex has revenues in excess of $2 billion annually and employs more than 5,200 employees in 37 manufacturing locations in North America.
In addition to the plastic film and pouches produced at the Shawano facilities, Novolex took a particular interest in WF&B’s recently added recycling line, which has made it an industry leader in recyling post-consumer and post-industrial film scap.
“Our acquisition by Novolex is a wonderful opportunity for the company, our employees and our customers,” Feeney says. “Novolex brings a commitment to plastic film recycling – they have a large plastic film recycling facility in Indiana – and significant supply change management skill. I expect expansion for the Shawano facility in 2016.”
WF&B is Novolex’s fourth acquisition since Wind Point Partners acquired the company in 2012.
“We are excited about the addition of Wisconsin Film & Bag to the Novolex family,” says Stan Bikulege, chairman and CEO of Novolex. “This is important to us because it will further enhance our high quality packaging choices for customers while advancing our position as the industry leader in sustainability. ”