SCOTTSDALE, Ariz., July 2, 2020 /PRNewswire/ -- Foam
Fabricators Inc. (the "Company" or "Foam Fabricators"), a leading
designer and manufacturer of custom protective packaging solutions
and componentry, today announced that it has taken significant
steps in the diversification and sustainability initiatives that
the Company laid out following its acquisition by Compass
Diversified Holdings (NYSE: CODI), an owner of leading middle
market businesses, in 2018.
With a more than 60-year history, Foam Fabricators operates 14
state-of-the-art molding and fabricating facilities across
North America and provides
products to a variety of end-markets, including appliances and
electronics, pharmaceuticals, health and wellness, automotive,
building products and others. These initiatives further strengthen
Foam Fabricators' impressive product and services offerings, while
expanding the Company's geographic presence and enhancing its
commitment to providing eco-friendly, sustainable solutions to
customers.
- Polyfoam Corporation Acquisition: Foam Fabricators,
through a wholly-owned subsidiary, has acquired substantially all
of the assets of Polyfoam Corp. ("Polyfoam"), a Massachusetts-based manufacturer of protective
and temperature-sensitive packaging solutions for the medical,
pharmaceutical, grocery and food industries, among others. Founded
in 1974, Polyfoam operates two manufacturing facilities producing
highly engineered foam and injection-molded plastic solutions
across a variety of end-markets.
This acquisition complements Foam
Fabricators' current operating footprint and provides access to a
new customer base and product offerings, while enabling Foam
Fabricators to cross-sell national customers that Polyfoam
otherwise could not efficiently serve given limited geographic
reach. Foam Fabricators will also benefit from Polyfoam's
significant end-market exposure to cold chain (including seafood
boxes, insulated shipping containers and grocery delivery totes),
as well as its innovative design and development team, which
continues to develop new products and uses for foam in
non-traditional end-markets.
- Partnership with Rational Packaging: Founded by industry
veterans, Rational Packaging, LLC ("Rational Packaging")
manufactures best-in-class structural and protective packaging by
blending creative design and an engineered-systems approach.
Through this partnership, Foam Fabricators adds structural
packaging elements including fiber-based corner posts to its
offerings, enabling a cost-effective, efficient and sustainable
"one-stop" solution for customers. With patented designs, unique
manufacturing capabilities and fully recyclable solutions, Rational
Packaging focuses on providing structural integrity while reducing
product damage and this partnership will allow Foam Fabricators to
solve customer challenges in ways that were not previously
possible.
- Commercialization of Biodegradable EPS ("BioEPS®"): Foam
Fabricators is the first industry player to introduce BioEPS®, in
addition to its current expanded polystyrene (EPS) foam products,
offering customers an ASTM-approved and eco-friendly option with
the same performance characteristics as traditional EPS foam. While
traditional EPS foam is fully recyclable, BioEPS® is engineered to
break down in only a few years into just methane and water,
ensuring minimal environmental impact regardless of where it ends
up in the waste stream. Foam Fabricators is excited to offer this
cost-effective material option to both new and existing customers
looking for high performance protective and thermal packaging that
is 100% sustainable, recyclable, biodegradable and reusable.
"Over the past two years and with CODI's support, we have been
transforming our business, which has historically focused on molded
foam products, into a full-service packaging solutions provider,"
said James K. Hughes, President of
Foam Fabricators. "Today's announcements demonstrate our progress
in positioning the Company for its next phase of growth and we are
delighted to welcome the Polyfoam team to our platform, which
significantly expands our geographic reach, allows us to serve new
specialty end-markets and drives technological innovation. Adding
the launch of our partnership with Rational Packaging and the
unveiling of our BioEPS® product, we have a full suite of
differentiated products and unique capabilities to provide
best-in-class sustainable solutions for our customers. We look
forward to building on the Company's impressive momentum and
capitalizing on the many opportunities ahead."
"Since 1957, Foam Fabricators has distinguished itself as the
partner of choice for protective and thermal packaging," said
Elias Sabo, Chief Executive Officer
of Compass Diversified Holdings. "As the pandemic continues to
transform the way customers shop and a heightened focus is placed
on logistics and streamlining supply chains, the Company continues
to reposition itself as a one-stop, diversified packaging platform.
These initiatives are the first of what we anticipate will be many
exciting announcements for Foam Fabricators in 2020 and we look
forward to working closely with the team to expand its offerings
and drive innovation, while maintaining the same unwavering
commitment to quality and sustainability."
In March 2020, Foam Fabricators
received the EPS Sustainability Limelight Award from the EPS
Industry Alliance in recognition of the Company's outstanding
contributions to environmental stewardship and leadership in
promoting life cycle analysis, an important tool for sustainable
packaging.
About Foam Fabricators
Headquartered in Scottsdale,
AZ, Foam Fabricators is a leading designer and manufacturer
of custom protective packaging solutions and componentry made from
expanded polymers such as expanded polystyrene (EPS), expanded
polypropylene (EPP) and other advanced resins. Founded in 1957, the
company operates 14 state-of-the-art facilities across North America specializing in the production
and assembly of key components utilized in protective packaging,
OEM componentry and temperature-controlled containers. For more
information, please visit www.foamfabricatorsinc.com.
About Compass Diversified Holdings ("CODI")
CODI owns and manages a diverse family of established North
American middle market businesses. Each of its current subsidiaries
is a leader in its niche market.
CODI maintains controlling ownership interests in each of its
subsidiaries in order to maximize its ability to impact long-term
cash flow generation and value. CODI provides both debt and equity
capital for its subsidiaries, contributing to their financial and
operating flexibility. CODI utilizes the cash flows generated by
its subsidiaries to invest in its long-term growth and to make cash
distributions to its shareholders.
CODI's nine majority-owned subsidiaries are engaged in the
following lines of business:
- The design and marketing of purpose-built technical apparel and
gear serving a wide range of global customers (5.11);
- The manufacture of quick-turn, small-run and production rigid
printed circuit boards (Advanced Circuits);
- The manufacture of engineered magnetic solutions for a wide
range of specialty applications and end-markets (Arnold Magnetic
Technologies);
- The design and marketing of wearable baby carriers, strollers
and related products (Ergobaby);
- The design and manufacture of custom molded protective foam
solutions and OE components (Foam Fabricators);
- The design and manufacture of premium home and gun safes
(Liberty Safe);
- The design and manufacture of baseball and softball equipment
and apparel (Marucci Sports);
- The manufacture and marketing of portable food warming systems,
creative indoor and outdoor lighting, and home fragrance solutions
for the foodservice industry and consumer markets (Sterno);
and
- The design, manufacture and marketing of airguns, archery
products, optics and related accessories (Velocity Outdoor).
Forward-Looking Statements
This press release may contain certain forward-looking
statements, including statements with regard to the future
operations and financial results of Foam Fabricators. Words such as
"believes," "expects," "projects," "anticipates," "forward," and
"future" or similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
subject to the inherent uncertainties in predicting future results
and conditions. Certain factors could cause actual results to
differ materially from those projected in these forward-looking
statements, and some of these factors are enumerated in the risk
factor discussion in the Form 10-K filed by CODI with the SEC for
the year ended December 31, 2019 and
in the Form 10-Q filed by CODI with the SEC for the quarter ended
March 31, 2020, as well as other
filings with the SEC. Except as required by law, neither CODI nor
Foam Fabricators undertakes any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contacts:
Foam Fabricators
Michael Hays, Vice President
solutions@foamfabricatorsinc.com
800-626-1197
Compass Diversified Holdings ("CODI")
Joele Frank, Wilkinson Brimmer
Katcher
Jon Keehner / Julie Oakes / Kate
Thompson
212-355-4449
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SOURCE Foam Fabricators