This is the first acquisition of Plastic Components, and the company is working on driving strategic growth through technology, markets and territorial expansion
Leading manufacturer of injection molded thermoplastic parts, Plastic Components Inc., has recently announced that the company has acquired Syracuse Plastics of North Carolina Inc. Apparently, this transactions had been completed on March 1, at an undisclosed price.
Reports suggest that this is the first acquisition of Plastic Components, as the firm is working on driving strategic growth through technology, markets and expanded geography with the assistance of MPE Partners, a private equity firm which owns Plastic Components Inc.
Chief executive officer of Plastic Components, Derrill Rice, informed that the company has two facilities in Germantown and its 42,000 square ft plant on Bunsen Drive is occupied by two employees during the first shift, and is entirely lights-out automated in the second and third shifts. Rice said in a statement that this is all via system integration and automation. This is the Industry 4.0 version of a smart plastic plant.
Syracuse Plastics was sold by the chief executive officer of the company, Tom Falcone. Syracuse employs around 45 people at its facility, which is about 44,000 square foot in size. Rice confirmed that all the current operations and its employees would remain in place in this transaction.
Rice added that Plastic Components plans to reinforce the existing team of Syracuse Plastics and continue with investment for helping Syracuse in growing its markets. He further said that this acquisition expands the market and geographic reach of Plastic Components, along with providing the firm with added capabilities with the larger press sizes of Syracuse Plastics.
Among all the attractive aspects of this opportunity, Rice believes a key factor is that the facility has room for expansion, besides already being well organized. Falcone stated that Plastic Components Inc. would bring resources and capabilities, while MPE will bring capital to an already established plastic injection molding foundation.