Nypro sells auto unit to Parkway Products

FLORENCE, KY. (Nov. 12, 4:55 p.m. ET) -- Parkway Products Inc. is boosting the capabilities and customer connections for its Enterprise Molded Products business unit through its purchase of a majority share of Nypro Inc.’s Marietta, Ga., operations.

At the same time, the deal announced on Nov. 12 allows Clinton, Mass.-based Nypro to complete its gradual move out of the automotive business.

Terms for the transaction were not disclosed. Automotive was a minor business line for Nypro, which even at its height saw less than 10 percent of its revenue from the industry, spokesman Al Cotton said.

The Marietta business includes two adjacent plants and production for customers in the automotive and large vehicle transportation industries, which are a key focus for Parkway of Florence, Ky. The facilities also have paint and laser etching capabilities in addition to injection molding, which allows Parkway to add those capabilities within the EMP unit for the first time, said Parkway spokesman David Clettenberg.

Key management and staff from the 125-employee operation transferred to Parkway through the acquisition. Parkway EMP also took over the existing product line which includes functional auto parts and backlit components.

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