American Plastics Extruding Inc. got a shot in the arm when its new owners took over on Sept. 1. ``When we took over, the company was in need of new capitalization,'' said co-owner Robert G. Smith. ``The place needed an overhaul.''
The profile and tubing extruder operates out of a 40,000-square-foot plant in Columbus, Ohio, with 23 employees and eight lines. Its business is 75 percent profiles and 25 percent tubing, mainly in the Midwest, with a few customers on the East Coast and in Alabama. Its biggest markets are retail display and signage and lighting, Smith said. Last year's sales were about $1.8 million.
Smith and partner Robert C. Sutton own the firm. Smith is president and chief executive officer; Sutton is chairman. Of American Plastics' former owners, Charles Blankenship remains as vice president and general manager.
Terms were not disclosed.
The new owners are re-conditioning presses, adding downstream equipment, and ``upgrading what we have,'' Smith said. They also installed a $20,000 computer system.
American Plastics plans to grow with its existing customers, as well as expand beyond that base by finding new regional markets, Smith said. It also makes parts for lawn and garden, automotive, weatherstripping, construction, recreation, appliances and toy markets.
For Rubbermaid Inc., the company extrudes a square post for a mailbox out of recycled high density polyethylene - its biggest application for post-consumer resin, Smith said. It makes a 4-inch, angled tube that is used on the end of Little Toro leaf blowers; and, for General Motors Corp., plastic retainer clips that hold body side moldings in place.
The firm's lease runs out in December 1996, so in the next 18 months, American Plastics probably will look for a place to plant its feet in the Columbus area.