Minnesota thermoformer Lindar buys Lakeland Mold

Published: May 11, 2012 6:00 am ET

Related to this story

Topics Mergers & Acquisitions, Rotomolding, Thermoforming, Molds/Tooling

BAXTER, MINN. (May 11, 2 p.m. ET) — Thermoformer Lindar Corp. has purchased neighbor and rotational mold maker Lakeland Mold Co.

Lindar, based in Baxter, Minn., acquired the company May 10 for undisclosed terms. Lakeland is located in Brainerd, Minn., about 5 miles from Baxter.

Lakeland will continue to operate out of its 50,000-square-foot facility and will retain its 75 employees. The transition will be seamless for both employees and customers, said John Newhouse, president of Lakeland, in a phone interview.

“We will remain deeply imbedded in the Brainerd area,” he said.

The acquisition opens up the possibility of synergy between the two companies, Newhouse said. Lakeland offers some services that Lindar had previously outsourced, and the two companies will be able to share people and talent across boundaries.

Since the acquisition is a local investment, it ensures both businesses will stay in the region, a selling point for both parties, Newhouse said.

Lakeland, a manufacturer of custom molds and computer numerically controlled equipment, was founded by Dan and Pat Shulist in 1988. The couple exited the business about 10 years ago and since then Newhouse has been acting on their behalf to find “right outcome.”

“I’m hopeful we’ve obtained that,” he added.

Dan Schulist died in 2009 and Pat Schulist became more compelled to find the right exit strategy, contacting the Brainerd Lakes Area Economic Development Corp. for help in finding a local buyer, Newhouse said.

Newhouse, who was appointed president in 1999, said he will retire at the end of the year, but plans to oversee the transition and remain with the company in an advisory position.


Comments

Minnesota thermoformer Lindar buys Lakeland Mold

Published: May 11, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

New medical firm buys Clairson Plastics

September 19, 2014 4:33 pm ET

Custom injection molder Clairson Plastics is being sold to a new start-up that plans to dive into the medical market with a new dialyzer, a key...    More

Image

Hong Kong's TK eyes expansion, may buy Nypro Tool operation

September 19, 2014 2:49 pm ET

Hong Kong-based mold maker and plastics processor TK Group (Holdings) Ltd. said it's reached a tentative agreement to buy a tooling factory in...    More

Exo-s buys injection and blow molder in Mexico, expands footprint

September 19, 2014 2:15 pm ET

Custom molder Exo-s Inc. has bought an injection and blow molding operation in San Juan del Rio, Querétaro, Mexico.    More

Image

Bayer spinning off plastics business

September 18, 2014 8:49 am ET

Bayer AG will spin off its MaterialScience plastics group into a separate, publicly-traded company within the next 12 to 18 months.    More

Image

Bill Kent named Thermoformer of the Year

September 18, 2014 12:11 pm ET

Bill Kent flew 6 million miles in a 50-year career at Brown Machine LLC — where he began assembling thermoforming machinery on the factory floor...    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events