en.Wedoany.com Reported - Gould Industries Ltd., a manufacturer of recycled plastic products, has established its first industrial base in the United States by acquiring a factory in Summit, Mississippi. The Montreal-based company stated that this acquisition represents a strategic southward investment during a period of economic uncertainty in both Canada and the U.S.
Frederico Panetta, President and owner of Gould Industries, noted that the company has been seeking new acquisition opportunities for years, and this move runs counter to industry trends. He said that many Canadian companies are being controlled by U.S. capital, while Gould Industries has chosen to expand its operations and strengthen its North American footprint by acquiring an American company.
In its press release, Gould Industries did not disclose the specific city of the acquired factory or the name of its current operator. According to information from the Mississippi Development Authority, the investment site is located in Summit, a city in south-central Mississippi. The factory covers 100,000 square feet on six acres of land, with a potential annual production capacity of 40,000 tons, while recycling approximately 50,000 tons of plastic each year. The site also includes a Canadian National Railway (CN) siding capable of accommodating 30 railcars.
The facility matching this description is the Summit Films plant, which produces polyethylene film and bags using recycled materials. Gould Industries stated that its Montreal plant has reached full capacity, and the Mississippi acquisition will enable it to increase production to serve key partners, including Costco and Home Depot. The company said it will source plastic waste exclusively from the U.S. to strengthen its continent-wide integrated circular economy approach.
Panetta described the acquisition as a commercial continuation of a historical corridor, where the Mississippi River extends south from the St. Lawrence River to the Delta, now being used to build a supply chain. The acquisition secures more than 75 existing jobs in Mississippi, while Montreal will remain the headquarters.
Founded in Montreal in 1954, Gould Industries describes itself as one of the few companies in the industry not owned by investment funds. Panetta remains the sole shareholder and continues to be actively involved in the operations of the headquarters and production workshops. The company plans to invest in the acquired site, aiming to build a strong local team while bringing more development and long-term growth opportunities to the area.
Prior to the acquisition, Gould Industries held meetings with several elected officials, including the Governor of Mississippi. A press release from the Mississippi Development Authority mentioned collaboration with the Pike County Economic Development District and the office of Governor Tate Reeves. The transaction was supported by the Canadian Imperial Bank of Commerce (CIBC) in Toronto and Export Development Canada.
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