Uretech International Inc. announced May 1 its purchase of Precision Plastics Molding, a division of Tubbs Industries Inc. Terms of the purchase were not announced. Zeeland, Mich.-based Precision Plastics makes self-skinning foam products for the office furniture, appliance and automotive industries. These include chair arms and interior automotive applications such as consoles.
Uretech, headquartered in Luckey, Ohio, specializes in engineered urethane foam compounds and molding and had focused on the automotive industry. Scott Murray, the firm's chief executive officer, sees the acquisition as a natural evolution. Uretech is looking to diversify in other areas. It also has projects to develop noise dampening and impact cushioning for cars.
``The acquisition is beneficial to the long-term goals of both Precision Plastics and Uretech,'' Murray said. ``Our purchase of Precision Plastics is another example of our commitment to new products and the doubling of our sales in the next five years.''
Uretech supplies Chrysler Corp., General Motors Corp. and Toyota Motor Corp. with its Polycast-brand wheel product. The firm also supplies Perma-Style-brand wheel treatments.
All Uretech and Precision Plastics products are made of urethane foam through reaction injection molding.
Uretech has 109 employees and its 1995 annual sales were around $9.5 million.
According to a news release, new appliance and office furniture business are expected to increase Uretech's sales by 10 percent in 1996.
