Pawnee Rotational Molding Inc., the last of four divisions of Wichita, Kan.-based Pawnee Industries Inc., has been sold to a Chicago investment group for an undisclosed amount and renamed Pawnee Rotational Molding Co. With annual sales of $12 million, the 35-year-old rotomolding operation produces 300,000 plastic parts and components from 5 million pounds of resin annually, according to the firm's new owners.
The plant manufactures products for the sanitary disposal industry and playground and other recreational equipment. It also makes fuel tanks for the federal government.
Larry W. Gies, a principal in the investment group Madison Capital Partners in Chicago, said the 145 employees in the Maple Plain, Minn., rotomolding plant will be led by a new chairman, John Deininger, who joined the company from Signode Industries Inc.
Madison has no other plastics industry ownership, but Gies noted he served as chief financial officer of vertical injection molding machine maker Newbury Industries of Newbury, Ohio, for a year following the purchase of that company by Chicago-based Heico Acquisitions in June 1993.
Gies said Madison is negotiating to purchase an East Coast plastics processor, but he declined to provide further details.
The combined $80 million sheet extrusion, rotational molding and color concentrate divisions of Pawnee Industries went on the block in April 1994.
The extrusion and color concentrate divisions were sold to Spartech Corp., a sheet extruder and resin compounder headquartered in Clayton, Mo., on Aug. 30.