Nylon Molding Corp. has purchased a competing injection molding firm to make its line of proprietary fastening systems. The Monrovia, Calif.-based company purchased the proprietary line of aerospace products and that portion of the custom molding operations from Olympic Plastics Co. of Los Angeles for an undisclosed sum.
President Douglas Stephen said the acquisition solidifies Nylon Molding's position in the aerospace market for clamps used by the airframe industry.
Olympic ``was one of our major competitors over the years,'' Stephen said. ``While I wasn't looking for this, it came to me because of an awareness about what was happening in the marketplace.''
Olympic's parent company, Intek Diversified Corp., closed the plant's doors on March 31 and sold off Olympic's three proprietary lines.
Nylon Molding's proprietary products include plastic clamps and grommets. Two years ago, Stephen decided to diversify into other industries as well as into custom molding to give the firm greater opportunity for growth.
Stephen said he acquired the injection molds for Olympic's product lines as well as customers' molds for the custom molding business, which he believes is starting to be more aggressive in the aerospace industry.
Aerospace companies ``are still producing planes, but on a limited level,'' Stephen said.
However, he sees that industry getting stronger during the next couple of years as airline companies purchase new planes.
Additionally, Stephen hired several of Olympic's employees including an engineer, a secondary operations foreman, and a quality control person.
In March 1993, Nylon Molding acquired Med-L in Riverside, Calif., which had eight presses. Last September, the company bought Vivian Industries, a 10-press facility in Garden Grove, Calif.
``This latest acquisition gives me strength across the board,'' said Stephen. ``Things are coming together quite well.''