Thyssen Inc. plans to expand its semi-finished plastics distribution business by acquiring AIN Plastics Group of Mount Vernon, N.Y. Thyssen announced June 4 it signed a letter of intent for the acquisition of AIN, which has 11 U.S. service centers for sheet, rod, tube, film and other shapes.
Malcolm Gill, Thyssen senior vice president of corporate affairs, said Thyssen Plastics, its 6-year-old U.S. plastics distribution business, has annual sales of about $20 million.
Thyssen estimated AIN's sales at nearly $70 million in a telephone interview from his company's Detroit headquarters. The companies hope to complete the deal within 90 days, according to Gill.
Thyssen Plastics' distribution centers are in Marietta, Ga.; Greensboro, S.C.; and Knoxville, Tenn. AIN's centers do not overlap geographically. They are in the northeast and midwestern United States, with one in Florida, said Derek Garner, vice president for Thyssen Plastics.
Garner said Thyssen Plastics' shapes include various engineering and commodity thermoplastics, phenolic and laminates. AIN's product line is similar but AIN represents more manufacturers.
Thyssen, well known in North America as a steel and aluminum supplier, is diverse. Its businesses include import and export trading, materials recycling, scaffolding services and logistics management. Its parent, Thyssen AG of Dusseldorf, Germany, has a ``substantial'' plastics distribution business, Gill said.
Thyssen AG has another major interest in plastics in North America.
The firm's subsidiary Thyssen Polymer of Munich, Germany, last year formed a vinyl profile joint venture with Vinyl Building Products Inc. of Oakland, N.J. Thyssen AG's several North American subsidiaries include auto parts firm Budd Co.
AIN officials declined comment on the proposed purchase of their private company. Co-owner Norman Drucker referred questions to Thyssen officials. AIN officials stated in Thyssen's news release that the combined companies will enhance customer service and provide opportunities for suppliers.