Better Molded Products Inc. of Bristol, Conn., has purchased Acromold Products Corp., a custom injection molder in Ellington, Conn., for $800,000. The firms expect combined sales of more than $8 million this year, said Margo Kelley, Better Molded secretary and treasurer.
The company acquired Acromold Jan. 26 from owner Don Pelham, 69, who has retired, Kelley said in a recent telephone interview. Better Molded's president, Roy Izzo, is now president and owner of both firms.
Acromold's 25,000-square-foot plant in Ellington houses 16 presses with 100-550 tons of clamping force, and employs 25. It recorded 1994 sales of about $3.5 million, Kelley said. The company will continue operating under its own name.
Since the purchase, Acromold has installed five new Shinwa Seiki injection presses, replacing older Reeds. The $700,000 equipment investment comprised a 120-ton, two 200-ton and two 300-ton machines. Izzo said he probably will spend another $1.5 million to replace presses and add robotics.
Better Molded has 23 injection molding machines at its 30,000-square-foot, leased facility in Bristol. The machines, both Shinwa Seikis and Toyos, range in size from 50-200 tons. The firm is expanding into another 10,000 square feet of existing space at the plant this year, and plans to buy six more 200-ton presses, Shinwa Seikis, for a cost of about $700,000, Kelley said. The firm employs 40; Izzo said he does not expect that number to change. The firm designs and builds all its own molds.
Better Molded acted quickly on acquiring Acromold, Kelley said. It found out in November that the firm was for sale and bought it in January.
Better Molded, which will turn 10 years old in April, had 1994 sales of about $4 million. Both companies custom mold parts for the cosmetic, automotive, bobbin, medical and toy markets. Products include lipstick tubes and cosmetic cases for Risdon Corp. of Naugatuck, Conn., and parts for toy makers Mattel Inc. and Hasbro Inc.
