Viking Plastics integrating New York´s CP Plastics Group

Viking bought CP Plastics for undisclosed terms early in the fourth quarter of 2008. Viking had 2007 sales of about $12.5 million while CP Plastics' turnover was about $2.6 million, according to data from Plastics News' ranking of North American injection molders.

CP Plastics fits well with Viking's strengths and also diversifies Viking, said Viking vice president of sales and marketing Peter Kraus. Like Viking, the purchased business does a lot of high cavitation molding and threaded products like fasteners. Unlike Viking, it is not heavily reliant on automotive work. The purchase will help Viking boost capacity utilization at its Corry, Pa., facility as it moves some work from CP Plastics' Falconer, N.Y., plant.

Krauss said the acquisition is timely. The recession has hit the auto industry hard and diversification should help Viking weather the automotive downturn.

“We are pleased to conclude the CP Plastics acquisition, especially given the current market dynamics,” explained Viking Chief Executive Officer Kelly Goodsel.

Viking's vehicle-heavy product lineup includes sealing and fluid flow components, fuel system parts, mobile air conditioning components and brackets and clips. Other products are caps and protective closures and high-temperature masking products for chemical, paint and other applications.

CP Plastics' molding includes a range of fasteners, and custom molded products using various commodity and engineering resins.

CP Plastics former owner Marc Turner said he sold the business “to pursue other interests.”

The assets of Viking Plastics were bought in 2006 by VPI Acquisition Corp. and Goodsel. Since then profitability has improved, partly the result of the company developing plastic components to replace metal.

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