Phillips Manufacturing plans to run recently acquired custom injection molder Moldex Inc. as a stand-alone operation specializing in gears and related precision components. Moldex of Putnam, Conn., brings a new customer base of business equipment, and connector, bearing and meter producers to Phillips, according to Lawrence Moon, president of C. Cowles & Co., of which Phillips is a division. Moldex has a 25-press operation and annual sales of more than $5 million.
Phillips does insert, two-shot and clean-room molding, printing and other downstream operations at its 34-press operation in Canton, Mass., Moon said in a telephone interview. Its main markets are computer, photographic, medical and automo-tive. Its machines have clamping forces of 20-500 tons.
Moon estimates that the two firms combined will have sales of more than $13 million per year. He did not disclose terms of the deal, which was completed April 10. Hamilton Holt, former majority owner of privately held Moldex, will provide consulting services.
Moon said Phillips plans to expand Moldex's capacity as the purchased business grows, but he would provide no details. Moldex officials were unavailable to comment on the deal.
C. Cowles, a private company established in 1838, also has operations in metal stamping, powder coating, roll forming, lighting and heating, venting and air conditioning water systems. It is based in New Haven, Conn.
Moldex will be included in C. Cowles' companywide program for ISO 9000 registration, Moon said.