Fort Wayne Plastics' parent company acquired

By Frank Antosiewicz
Correspondent

Published: February 14, 2014 1:12 pm ET
Updated: February 14, 2014 7:12 pm ET

Related to this story

Topics Mergers & Acquisitions, Structural foam

Structural foam and web producer Fort Wayne Plastics Inc.'s parent company has tentatively been acquired by a subsidiary of cleaning products manufacturer and distributor Katy Industries Inc. of Bridgeton, Mo.

According to a Jan. 30 SEC filing, Continental Commercial Products LLC, a subsidiary of Katy Industries Inc., has entered into an agreement to purchase all of the capital stock of FTW Holdings Inc., the parent of Fort Wayne Plastics Inc., for $11.5 million, subject to pre-closing and post-closing purchase price adjustments based on working capital levels.

The acquisition is scheduled to close on Feb. 25. The filing also noted that the sellers or buyers may terminate the purchase agreement at any time at their respective discretion prior to closing.

Fort Wayne Plastics specializes in low-pressure, multi-nozzle multi-cavity structural foam and structural web molding using gas assist. The company, according to its website, was started in the 1970s and operates out of a 170,000 square foot facility in Fort Wayne.

Continental Commercial Products, like its parent, Katy, is in Bridgeton. It makes floor care, janitorial and food service cleaning products.

Officials at Katy Industries and Fort Wayne did not return calls for comment.

Katy is publicly traded on the Over-The-Counter Bulletin Board.

P&M Corporate Finance served as financial adviser to Fort Wayne Plastics.


Comments

Fort Wayne Plastics' parent company acquired

By Frank Antosiewicz
Correspondent

Published: February 14, 2014 1:12 pm ET
Updated: February 14, 2014 7:12 pm ET

Post Your Comments


Back to story


More stories

Meredian merging with Danimer Scientific

July 24, 2014 1:59 pm ET

Bioplastics maker Meredian Inc. is merging with its sister firm, Danimer Scientific LLC.    More

Image

Injection molder, recycler Polyvulc USA puts itself up for sale

July 24, 2014 12:41 pm ET

Fred Farrell and Larry Lambiotte, founders of Polyvulc USA Inc. and its subsidiaries Polyvulc Tire Recycling Llc and Winnsboro Rubber Recycling LLC,...    More

Image

Contigo, Avex buy lets Newell Rubbermaid leapfrog new bottle development

July 22, 2014 4:11 pm ET

Newell Rubbermaid Inc. is ready to accelerate its move into the reusable water bottle business with the purchase of two on-the-go drinkware brands.    More

Image

Newell Rubbermaid to acquire Contigo brand

July 21, 2014 5:00 pm ET

Consumer products company Newell Rubbermaid Inc. has signed an agreement to acquire Ignite Holdings LLC, owner of the Contigo and Avex brands of...    More

Image

Huhtamäki to evaluate its films business

July 21, 2014 9:52 am ET

Finland-based plastics packaging group, Huhtamäki Oyj, has announced that it is evaluating its options regarding its films business, due to its growin...    More

Market Reports

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Plastics Recycling Market Review & Outlook 2014

This special report from Plastics News examines the North American plastics recycling industry and provides insight into indicators that impact market viability, including Resin pricing trends for virgin and recycled market material and historical Resin production trends for post- consumer and industrial waste.

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

Upcoming Plastics News Events

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

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

More Events