Portola Packaging will shut down its Portola Tech International cosmetics closure and container manufacturing unit to focus on its beverage closure and bottle business.
Portola Packaging Chief Financial Officer Glenn Fish told PlasticsToday the cosmetics closure and container unit represented less than 10% of sales for the company.
"When we looked at our cosmetics packaging unit it hasn't provided sufficient return on capital," he said. "We don't have a competitive advantage with cosmetics like we do with the main portion of our business."
Production at Portola Tech's Cumberland, RI and Nanhai, China manufacturing locations is expected to cease by the end of August. The business assets, manufacturing equipment, molds, etc., are expected to be liquidated by the end of the year....