KING OF PRUSSIA, Pa., April 11, 2013 /PRNewswire/ -- Tekni-Plex, Inc. announced today that it has sold its Swan Hose business to Jacobson Partners, a private equity firm located in New York City. Terms of the transaction were not disclosed.
With a history tracing back over 80 years, Swan is a leading developer, manufacturer, and marketer of high-quality consumer and industrial hoses serving a blue-chip customer base that includes leading home improvement and mass merchant retailers. Swan's product portfolio includes a comprehensive offering of high-quality garden, specialty and industrial hoses marketed under the Swan ®, WaterWorks™, Element ® and Aero-Tube ® brand names, as well as on a private label basis.
Paul Young, President and CEO of Tekni-Plex, commented, "We have been very pleased with the recent performance of Swan, and have effected this sale to allow us to focus on our core healthcare, food packaging and specialty segments. We intend to use the net proceeds of the sale to reduce our leverage by redeeming outstanding bonds."
About Tekni-Plex, Inc.Tekni-Plex, Inc. is a global manufacturer of a diverse range of technically-sophisticated and value-added packaging products primarily serving the healthcare, food and consumer industries. For more information on the capabilities of Tekni-Plex, visit www.tekni-plex.com or call the Company at (484) 690-1520. Contact: Graham SayersExecutive Vice President & Chief Financial Officer Graham.Sayers@Tekni-Plex.com SOURCE Tekni-Plex, Inc.