LOS ANGELES — The deal under which HPM Corp. will acquire German injection press maker Hemscheidt Maschinentechnik Schwerin GmbH & Co. has been finalized, according to a top company official.
HPM, based in Mount Gilead, Ohio, will use Hemscheidt as a European manufacturing base, said Neil Kadisha, president and chief executive officer of Stadco Inc., which purchased HPM last year. HPM and Stadco will continue to run the plant in Schwerin, in eastern Germany, which employs about 200, Kadisha said.
``We have already started an accelerated plan to bring full cooperation with Hemscheidt on modification of their equipment for a major introduction in the U.S. market,'' Kadisha said in an interview March 6 at Stadco's headquarters plant in Los Angeles. He said the company will retain the Hemscheidt name, at least initially.
He declined to disclose terms of the acquisition.
HPM is the second-largest U.S.-owned manufacturer of injection molding machinery, behind Cincinnati Milacron Inc. HPM makes injection molding presses, extrusion systems and die casting machines, and has sales of more than $100 million. The company also rebuilds machines. About 750 people work at HPM.
News of HPM's interest in Hemscheidt surfaced last fall, just a few months after Stadco acquired a major portion of HPM. Stadco does high-precision machining of very large parts, including molds, for the aerospace market.
In North America, some Hemscheidt machines have been sold to automotive and appliance markets.
Hemscheidt injection molding machines boast retractable tie bar technology, which pulls the tie bars back during each molding cycle, to give full access to the mold. The company also makes machines with no tie bars.
``It is our intention to consolidate our operation and make some parts in Germany and some parts in Mount Gilead,'' Kadisha said. In the future, some large parts for plastics machinery will be machined at Stadco, he said.
Kadisha would not provide sales figures for Hemscheidt.