JADEX COMPLETES SALE OF LIFOAM TO ALTOR SOLUTIONS

Rhea-AI Summary

Jadex Inc. has completed the sale of Lifoam Industries, to Altor Solutions, a subsidiary of Compass Diversified (NYSE: CODI), for $137 million in cash, excluding working capital and certain other adjustments. Lifoam is a leading manufacturer of temperature-controlled packaging products such as thermal shippers and refrigerant gel packs for healthcare, commercial, and retail customers.

Over the past several years, Lifoam has focused on innovation, new product development, and environmentally-friendly products, which has allowed it to grow its customer base in the healthcare- and food-related cold chain shipping end markets.

Positive

• Jadex Inc. received $137 million in cash from the sale of Lifoam Industries
• The sale strengthens Compass Diversified's portfolio in the temperature-controlled packaging sector
• Lifoam has shown growth in healthcare and food-related cold chain shipping markets

Negative

• Jadex Inc. is divesting a potentially profitable business unit

News Market Reaction – CODI

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-0.50% News Effect

On the day this news was published, CODI declined 0.50%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, Oct. 2, 2024 /PRNewswire/ -- Jadex Inc. ("Jadex"), a manufacturer and material sciences company, today announced it has completed the previously announced sale of Lifoam Industries, LLC ("Lifoam" or the "Company") to Altor Solutions ("Altor"), a subsidiary of Compass Diversified (NYSE: CODI), for $137 million in cash (excluding working capital and certain other adjustments).

Lifoam is a leading manufacturer of temperature-controlled packaging products such as thermal shippers and refrigerant gel packs for healthcare, commercial and retail customers. Over the past several years, Lifoam's focus on innovation, new product development and environmentally-friendly products has allowed it to grow its customer base in the healthcare- and food-related cold chain shipping end markets.

ABOUT JADEX INC.

Jadex is a U.S.-based manufacturing and material sciences company utilizing innovation and technology to develop sustainable products that serve the medical, industrial and consumer markets. The range of products includes custom-designed plastic components, plastic and bio-based cutlery, engineered nylon resins and monofilaments, zinc products and temperature-controlled products. Jadex operates out of 18 manufacturing facilities across the continental U.S., U.K. and Puerto Rico and has approximately 1,800 employees. For more information, visit Jadex.com.

MEDIA CONTACT

Julia Sidi
Prosek Partners
pro-onerock@prosek.com 

View original content:https://www.prnewswire.com/news-releases/jadex-completes-sale-of-lifoam-to-altor-solutions-302265540.html

SOURCE Jadex Inc.

FAQ

What is the value of the Lifoam Industries sale to Altor Solutions?

Jadex Inc. sold Lifoam Industries to Altor Solutions, a subsidiary of Compass Diversified (NYSE: CODI), for $137 million in cash, excluding working capital and certain other adjustments.

What products does Lifoam Industries manufacture?

Lifoam Industries manufactures temperature-controlled packaging products such as thermal shippers and refrigerant gel packs for healthcare, commercial, and retail customers.

How has Lifoam Industries grown its customer base in recent years?

Lifoam Industries has grown its customer base in healthcare- and food-related cold chain shipping end markets by focusing on innovation, new product development, and environmentally-friendly products.

Who acquired Lifoam Industries from Jadex Inc.?

Altor Solutions, a subsidiary of Compass Diversified (NYSE: CODI), acquired Lifoam Industries from Jadex Inc.