Kumar buys thermoformer Mayfield Plastics

By Frank Antosiewicz
Correspondent

Published: December 16, 2013 5:52 pm ET
Updated: December 16, 2013 5:53 pm ET

Related to this story

Topics Medical, Mergers & Acquisitions, Thermoforming, Aerospace

Jay Kumar,a co-owner of Universal Plastics Corp., is boosting his family’s custom thermoforming business with the recent acquisition of Mayfield Plastics Inc.

“This expands our market base and adds to our capacity,” noted Kumar, who is now president of both companies, during a telephone interview.

He said that the combination will place it among the largest custom thermoformers in the northeastern United States, and that he plans to invest in the site to foster further growth.

Mayfield, which is based in Sutton, Mass., serves a variety of industries including aerospace, medical device, transportation and electronics. The company formerly was part of S. Ralph Cross and Sons Inc., which started in 1917. Mayfield Plastics opened a new 60,000 square foot facility in 2006. It has 40 employees and about $6 million in sales.

Terms of the deal were not announced. However, the companies said that both Universal and Mayfield will continue to maintain their facilities, brands, employees and procedures.

Kumar said that the combined entities will provide a stronger footprint in custom plastics thermoforming. He said that it will to help provide more technical and financial support for existing customers and in the future will broaden the range of services.

Universal Plastics, based in Holyoke, Mass., was acquired by the father-son team of Sunil and Jay Kumar in 2012. Sunil serves as the chairman at Universal and will be on the board at Mayfield.

UP has been in business for more than 45 years and serves many of the same industries — aerospace, medical device, electronics and transportation — but also does consumer products and food packaging. However, Jay Kumar said that they have different customer lists — Mayfield has more medical, while Universal has more aerospace.

Universal has made such diverse items as kayaks, air ducts for the Space Shuttle, all New York City bus stop signs and bow of submarines used by Navy Seals. The company has 70 employees and operates out of a 100,000 square foot facility. It is ISO 9001 certified and has sales of about $12 million.

Jay Kumar comes from an investment background, having worked at JP Morgan for 10 years as a proprietary trader and most recently as managing principal for PAON LLC. Since the acquisition of Universal Plastics, he’s worked as alongside former president Joe Peters to grow that business.

It marks the second purchase in recent months for the Kumar family. Sunil and his daughter Monica Kumar bought Nylon Corp of America, of Manchester, N.H., in October.


Comments

Kumar buys thermoformer Mayfield Plastics

By Frank Antosiewicz
Correspondent

Published: December 16, 2013 5:52 pm ET
Updated: December 16, 2013 5:53 pm ET

Post Your Comments


Back to story


More stories

Image

Optical disc molder OEM getting into micromolding with acquisition of CDA

August 29, 2014 11:24 am ET

Optical disc replicator and molder Optical Experts Manufacturing Inc. of Charlotte, N.C., has expanded its core business and entered new high...    More

Polish injection molder Teknorubber up for sale

August 29, 2014 9:14 am ET

Polish plastic parts maker Teknorubber has been put up for sale following its insolvency filing in March 2014. The company is to be auctioned through ...    More

Image

Baxter may be looking for a Boston home

August 28, 2014 11:46 am ET

As Baxter International Inc. may be staking out real estate in the Boston area for its headquarters, Illinois faces the prospect of having to dangle...    More

Image

Canadian mold maker Thibault adding to new operation in Mexico

August 27, 2014 3:19 pm ET

Canadian mold maker I Thibault Inc has purchased an established Mexican company, Tecnimoldes SA de CV, for a seven-figure-dollar-sum and renamed it...    More

Image

Mission Plastics brings new automated work cell on line

August 26, 2014 4:17 pm ET

Custom injection molder Mission Plastics Inc. and a customer have created a $1.5-million automated work cell for a medical diagnostics product.    More

Market Reports

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

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

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

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

More Events