Complex Tooling & Molding Inc. of Boulder, Colo., on April 5 announced an investment partnership with Tauber Enterprises, a Detroit-based group of companies that includes Key Plastics Inc. The partnership will allow CTM and Key Plastics to share technology and expertise they have acquired in their respective markets. However, CTM President Paul Kingsbury said each firm will continue to serve its markets separately.
``CTM's relationship with Key Plastics will help us offer more of the value-added services that are increasingly critical to the success of our customers,'' Kingsbury said. ``And Key Plastics' experience in establishing facilities outside the U.S. will also help increase CTM's growth globally.''
Kingsbury said the agreement consisted of the buyout of a ``substantial number'' of original stockholders in CTM and obtaining a new partner. CTM's name and management will stay the same. The company's recent Asheboro, N.C., acquisition, Wade Precision Plastics, will change its name to Complex Tooling & Molding.
Kingsbury headed up the original investor group that purchased CTM on April 1, 1986. At that time, the company had $8 million in annual sales, Kingsbury said in a telephone interview. He projects annual sales of $80 million for fiscal 1996, which ends July 31.
Key Plastics has 11 facilities worldwide, and provides the auto industry with complete injection molding services from concept and part design through finished assembly, Kingsbury said in a prepared statement.
CTM has six custom molding and mold-making facilities throughout the United States, and employs 500 companywide. The firm operates 105 presses serving a range of customers in the electronic, medical, computer/business equipment and appliance industries.
CTM selected Tauber Enterprises through the investment firm of Zachary Scott & Co. of Seattle.