Smyth Companies, St. Paul, MN, USA, has announced the sale of its SNAP! operating division to Tapemark, also of St. Paul. SNAP! is a single-dose packaging sachet marketed by Smyth.
In 2006 Smyth and Tapemark entered into a licensing agreement relative to Tapemark’s use of SNAP! technologies in their pharmaceutical, cosmetics and over-the-counter drug contract manufacturing markets. Tapemark has the FDA regulatory systems in place that allow it to better serve these markets, according to the Smyth announcement.
The agreement transfers all intellectual property rights and manufacturing capabilities to Tapemark. It allows Smyth Companies to focus on its core label business while better positioning the SNAP! product for the customers which it is best suited, says John Hickey, CEO of Smyth Companies. “This agreement is good for SNAP!’s existing and potential customers, as it will allow them the manufacturing capabilities they desire; while at the same time providing Smyth additional resources to aid us in sustaining our growth in our core products and markets,” notes Hickey.
Smyth is one of the largest label producers in the US. In addition to package labels and point-of-purchase displays, Smyth produces in-pack and on-pack promotional labels and application equipment. The company operates four production facilities located in Minnesota, Virginia, and Colorado. Smyth employs approximately 400 people.