Daily Newsletter

10 August 2023

Daily Newsletter

10 August 2023

TricorBraun acquires beverage packaging business CanSource

TricorBraun is set to offer expanded offerings and services to its customers across North America post-acquisition.

Archana Rani

Global packaging company TricorBraun has expanded its operations with the acquisition of CanSource, a provider of cans and custom packaging solutions for craft beverage makers.

The financial terms of the deal were not disclosed.

CanSource was founded in 2011 and is headquartered in Colorado, US. It currently operates from four locations across the country.

TricorBraun's president for North America Brett Binkowski said: "Our acquisition of CanSource - a company known for exceptional quality, hands-on service, and reliability - enables us to provide beverage customers across North America with expanded offerings and services, and more sustainable packaging options.

"We welcome the CanSource team to the TricorBraun family, and we look forward to investing in the company's continued growth."

TricorBraun said the acquisition consequently strengthens its own position in the North American beverage packaging market.

CanSource will now operate under the name CanSource, a TricorBraun company.

CanSource CEO Paige Sopcic said: "We've admired and respected TricorBraun for years and are excited to join a team who shares the same dedication to quality and customer service, while providing multiple opportunities for our expansion and growth."

With operations in more than 100 locations across the Americas, Europe, Asia, and Australia, TricorBraun provides solutions across a wide array of customer end markets.

Earlier this year, TricorBraun agreed to supply BioBottles’ brand of industry-first biodegradable bottles to the nutraceutical industry.

Generative AI remains an untapped potential across the consumer industry

GlobalData estimates the total AI market will be worth $909 billion in 2030, growing at a CAGR of 35.2% between 2022 and 2030. The consumer goods, foodservice, and packaging sectors are undergoing digital transformation, accelerated by the COVID-19 pandemic and changing consumer preferences. AI can help companies operating in these sectors by significantly reducing costs and production times. In Nestlé's 2022 full-year results, the company announced a renewed focus on digitalization to drive growth. Financial and reputational pressures associated with supply chain disruptions and sustainability concerns are also driving interest in the digitalization of supply chains. Data science and ML are strong investments across all areas. However, the sectors cannot stop at AI-powered data analytics applications. They must also explore computer vision (CV), smart robots, AI sensors that automate manufacturing and distribution logistics, and generative AI tools that increase efficiency across corporate departments and customer service operations and enable innovation in product design. For the most part, the consumer goods, foodservice, and packaging sectors will not play a significant role in creating and developing AI hardware or platforms. Instead, these sectors will help scale up the adoption of AI technologies, such as CV, conversational platforms, and smart robots. This adoption will be driven by the financial benefits and potential cost savings AI automation delivers across global supply chains.

Newsletters by sectors

close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close