Pratt Industries has made a major expansion to its paper and packaging business with the acquisition of Minnesota Corrugated Box.
The company acquired the Albert Lea-based company for almost $70 million.
The deal for the 250,000 sq. ft. plant 100 miles south of Minneapolis comes just weeks after we officially opened our fourth, $260 million, 100 percent recycled paper mill near Chicago.
“This is the 67th factory we’ve built or bought since coming to America 25 years ago,” said Chairman Anthony Pratt. “We have had some very good results which allow us to continually reinvest in the company by building or buying new plants.”
Minnesota Box, which has box and high-end display customers throughout the Midwest, has some 150 employees which means company-wide we now employ around 6000 people.
Importantly, the acquisition will also help integrate the new Indiana paper mill by converting 50,000 tons of paper a year – or about 10 percent of the mill’s total output – into new corrugated products.
Anthony said the mill is already almost fully integrated, with paper also going to the company’s two newest greenfield box plants in Ohio and Wisconsin as well as the adjoining box factory in Valparaiso, the world’s largest.
He said Pratt USA was looking to further expand as profits continue to rise.