Clement Pappas and Company Inc., the operator of a canning company based in Seabrook, New Jersey, has agreed to a merger with the Quebec-based firm, Lassonde Industries. Lassonde will possess a majority of the merged companies. Clement Pappas will be run as a subsidiary of Lassonde, and the Pappas family will own a minority stake in the merged companies.
The new company will still be called Clement Pappas and the grandson of the original company’s founder will serve as CEO, while another member of the family will occupy the position of executive vice president of human resources and general counsel. The current CEO of the company, Dean Pappas, is retiring after 50 years with the company.
According to an article in The Star-Ledger by Jason Laday, Dean Pappas announced that the merger would not result in changes for customers or employees, explaining that the company is not planning to lay off any of its 630 workers employed at its numerous plants across the country. Dean Pappas said that the merger deal was reached in order to grow both companies.
Clement Pappas has operated since 1942, becoming a major employer in New Jersey. The company was originally based in Cedarville, but eventually opened a larger plant in Seabrook that continues to be the company’s production and distribution hub. Clement Pappas’s headquarters are based in Salem County.
According to The Star-Ledger, executives with Clement Pappas say they are excited to team with Lassonde, which is the leading juice company in Canada. Clement Pappas is also eager to benefit from Lassonde’s extensive knowledge regarding new packaging formats.
Source:
Clement Pappas agrees to merger with Canadian company (The Star-Ledger)
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