Cadillac Rubber & Plastics Inc. recently acquired custom molder Pacer Tool & Plastics Inc. of South Plainfield, N.J., for $6.6 million. Pacer President John Lovello said the company's stockholders, many of whom are older and retired from the company, voted to sell Pacer.
``We felt like it was time to get out of the business, and we've found a very good strategic fit with Cadillac,'' said Lovello, who plans to stay on with Pacer for two years to help ease the transition.
Pacer reported 1994 sales of $7.8 million, with $5.74 million from injection molding. Pacer operates 16 presses with clamping forces of 55-385 tons, and employs 90. It primarily serves the cosmetic, medical and consumer products industries. The company also operates a full-service mold-making shop with computer numerically controlled equipment.
Dale Rosser, vice president of human resources for Cadillac, said the acquisition is in line with the company's five-year plan to diversify sales in North America, and increase its nonautomotive business.
``Pacer has a very high reputation and complements the injection molding we do at our Lockport, N.Y., facility,'' Rosser said.
Cadillac Rubber & Plastics, located in Cadillac, Mich., is a division of Avon North America Inc. Its parent company is tire maker Avon Rubber plc of Melksham, England.
Cadillac makes rubber harnesses and rubber assemblies for the Big Three automakers at plants in Michigan and Juarez, Mexico. Avon North America operates two plants in New York -in Lockport and Albion - both called Injected Rubber Products, which make gaskets for General Motors.
