Oystar merges three US operations to form $250m company
The US firm will combine New Jersey-based Oystar USA, a sales operation that represents packaging machinery brands manufactured in Europe, with Kentucky-based Oystar Jones, a supplier of packaging machines and systems.
The company said the merger, which will create a $250m-company with 650 employees, was a further result of successful restructuring of the Oystar group.
CEO Tom Graf said the company had started restructuring 18 months ago.
“From the onset it was our goal to centrally manage individual product and consumer groups, and no longer through several subsidiaries. The past financial year clearly shows that this was the right path,” he added.
The Oystar group said it was able to more than triple its operating results in 2010 compared to the year before.
As part of the restructuring plan, Barry Shoulders, president of Oystar packaging technologies is to lead Oystar North America.