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

M&A deals in packaging hit record

January 28, 2015 1:49 pm ET

It's good to be in packaging these days. More precisely, it's good to be in packaging and decide to sell or merge.    More

Image

Sika opens negotiations to acquire Axson Technologies

January 28, 2015 12:17 pm ET

Specialty chemicals maker Sika AG has entered into exclusive negotiations with Axson SAS management and shareholders to acquire its epoxy and...    More

Image

Piovan buys majority stake in Italy's Penta

January 28, 2015 12:04 pm ET

Italian auxiliary equipment company Piovan SpA has acquired a majority stake in the Italian materials handling company Penta srl, based in Poggio...    More

Image

A. Schulman, Citadel continue buying blitz

January 27, 2015 11:32 am ET

A. Schulman Inc. and Citadel Plastics Inc. — two deal-happy materials firms — were at it again in the second half of 2014.    More

Image

It's becoming a seller's market for plastics firms

January 27, 2015 11:37 am ET

The pace of plastics mergers and acquisitions activity slowed a bit in the second half of 2014 — but market watchers have high expectations for ...    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Upcoming Plastics News Events

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

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events