Global packaging products manufacturer Tekni-Plex has announced the sale of it Swan Hose business to equity firm in New York City Jacobson Partners, for an undisclosed value.
Tekni-Plex president and CEO Paul Young said the company has effected the sale of the business to allow it to focus on its 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," Young said.
Swan developes, manufactures and markets consumer and industrial hoses serving a blue-chip customer base that includes home improvement and mass merchant retailers.
The product portfolio of Swan includes an offering of specialty and industrial hoses marketed under the Swan, WaterWorks, Element and Aero-Tube brand names, as well as on a private label basis.
