Arctic Slope Regional Corp., a firm representing the business interests of the Inupiat Eskimos of Alaska's North Slope, has completed the purchase of the Plastic Products Division of Tacoma, Wash.-based Puget Corp. The plastics unit is now a wholly owned subsidiary ofASRC and was renamed Puget Plastics Corp. Terms of the deal were not disclosed.
Mike Treadaway, vice president and general manager for Puget Plastics, said that during 1995 the company will undertake a consolidation effort that includes construction of a second plant on its eight undeveloped acres in Tualatin, Ore.
Puget built a 45,000-square-foot plant on the property in 1991, and added 27,500 square feet in 1993. Construction on the second, 45,000-square-foot facility will begin late this year. The company then will move out of a plant in Portland, Ore., and consolidate operations in Tualatin.
Puget officials said in January that they had agreed to a sale, but declined to name the new owner.
Treadaway said the Lund family, which owned the plastics division since 1973, wanted to diversify the family's assets.
``With the expansion and growth the company's been through, it became more difficult to fund that growth,'' he said.
The Lunds will keep ownership of the aluminum die-casting division in Tacoma.
Puget Plastics operates 66 presses with clamping forces of 40-950 tons, and has annual sales of $58 million.
Puget and ASRC were brought together by a Hewlett-Packard Co. division, a mentor to ASRC and a Puget customer. ASRC of Barrow, Alaska, is a $400 million corporation organized in 1971 under the terms of the Alaska Native Claims Settlement Act.