TemperPack, a Virginia-based sustainable cold chain packaging solutions company, has signed an agreement to acquire KTM Industries, a Michigan-based manufacturer of bio-based foam for the packaging industry. The financial value of the transaction was undisclosed. The transaction is expected to close later this month subject to customary closing conditions.

Following the acquisition, TemperPack would expand its product line and market reach and operate as a combined enterprise that will have over 700 employees in branches across Richmond, Las Vegas, Reno, and Holt. TemperPack will also offer KTM’s “Green Cell Foam”, a bio-based foam cooler alternative to polystyrene foam coolers used in the pharmaceutical, specialty food, and nutritional supplement industries.

The combined enterprise will be focusing on the development of sustainable materials for cold chain packaging aiming to compete with existing plastic-based foams in the industry.