Cryopak acquires gel-pack manufacturing segment of cold storage company
Cold chain solutions company Cryopak has acquired the gel-pack manufacturing segment of Garden State Cold Storage (GSCS).
The acquisition allows Cryopak, which specializes in the design and development of cold chain packaging and temperature monitoring devices, to produce gel-packs and execute freezing operations at the same location, according to a news release. The move will lower costs and shorten lead times, the company said.
GSCS provides pickup-to-delivery logistics solutions for food and beverage industry customers throughout the northeastern U.S.
The deal was finalized on May 10, with production expected to begin later this summer.
The addition of GSCS’ facility in Carteret, New Jersey, brings Cryopak’s total North American plant locations to 10. Parent company Integreon Global now has 18 facilities.
The acquisition is the second in eight months for Cryopak, which also acquired retail Gel-Pack manufacturer Icy Cools. Icy Cools, which produces hot/cold mats in a quilted format, was incorporated into an existing Cryopak location in Edison, New Jersey.
Growing strategy
Integreon Global has also 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.
Cryopak will use the production capacity of CFT’s 80,000-square-foot manufacturing facility in Irvington, New Jersey, to expand its cotton-based recycled content thermal insulation and packaging portfolio.
Integreon Global has also made a significant investment in Cryopak’s Atlanta facility to incorporate spiral freezing capabilities with the potential to decrease frozen product lead times from several weeks to a few hours, according to the release.
Cryopak is also integrating a high-volume, low-cost mass production starch manufacturing department, adding starch to its existing PUR (polyurethane), paper, cotton, fiber and EPS (expanded polystyrene) insulation substrates. The starch technology can compete with more traditional materials such as EPS on cost, performance and scaling while increasing sustainability, according to the release.
The spiral freezing technology and starch manufacturing capabilities are slated to come online in late 2024, with plans to expand to other Cryopak facilities.
“Our recent acquisitions and substantial infrastructure investments reinforce a sharp growth curve that both Cryopak and Integreon Global are experiencing,” Michael Hays, president of Integreon Global, said in the release. “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.”
