MELVILLE, N.Y. - Foilmark Inc. plans to expand its plastics marking and decorating business by acquiring Imtran Industries Inc., a Newburyport, Mass., producer of pad printing equipment and distributor of related supplies. Foilmark, based in Melville, makes hot-stamping equipment and materials, including hologram foils and equipment for credit cards and industry.
Sales in the plastics industry accounted for nearly all of Im-tran's sales of $4.2 million for the year ended March 31, according to Foilmark President Joe Olsen. About half of his firm's 1994 sales of $30.6 million were in plastics, he said.
Foilmark will reduce overhead costs by closing its Newburyport tool and die operation and moving it to Imtran's Newburyport facility in late summer, Olsen said. The acquisition also should cut manufacturing costs because both companies make and buy similar equipment parts, Foilmark said June 16.
Olsen said his firm is expanding capacity for hot-stamping equipment and materials at its two other plants, in Newburyport and Norwood, Mass.
Olsen said he expects the transaction for an undisclosed amount of cash and Foilmark stock to be complete by the end of July. Foilmark plans to retain Kenneth Harris and Steven Meredith, current Imtran owners, as vice president and consultant, respectively, for at least three years.