James L. Blin, the owner and chairman of Triangle Plastics Inc., plans to buy another thermoforming company. Blin will acquire Progress Plastics Inc. of Auburndale, Fla., a heavy-gauge thermoformer with seven rotary machines and three computer numerically controlled routers. Parties expect the sale to be effective in May, said Dennis Blackburn, who will continue as president of Progress.
Glenn Blackburn, chairman of Progress and its founder in 1976, is selling his majority share of the company to retire, said Dennis Blackburn, Glenn's son and a minority owner. Glenn Blackburn was on vacation the week of April 10 and could not be reached for comment.
Blin also plans to acquire Progress' stake held by Dennis Blackburn and other unnamed investors, to become sole owner of Progress, Blackburn said.
Blin could not be reached for comment. A news release from Progress indicated he plans no major changes for Progress. Terms of the deal were not disclosed.
Blackburn said Progress' main custom markets are lawn and garden, automotive, dunnage and pallets. It also thermoforms proprietary buckets and containers for agriculture. Its plant has 90,000 square feet of space and about 50 employees. He would not disclose Progress' sales.
Triangle, based in Independence, Iowa, had sales of $40 million last year. Triangle tied as the 13th-largest thermoformer in North America, according to a recent Plastics News ranking.
Last year it bought TriEnda Corp.'s custom single-sheet forming business, which comprises one production line and about 12 employees in Portage, Wis. Its other thermoforming facilities are in Independence, Winthrop and Oelwein, Iowa; and Cookeville, Tenn.
Tim Blin, a son of James Blin, will be head of sales for Progress.