Moxness Thermoplastics Inc. will return to its strengths of custom molding for point-of-purchase and cosmetic markets, said Patrick Healy, new president of the Stevensville, Mich., firm. Healy led a Sept. 26 buyout of Moxness Thermoplastics from Versa Technologies Inc., which wants to concentrate on its core businesses.
Healy formed a holding company, General Plastics Corp., to buy Moxness Thermoplastics.
Healy was the controller for Moxness Thermoplastics and owns all of General Plastics.
Healy said the Stevensville facility has 13 relatively new presses with clamping forces of 44-500 tons.
Several presses have robots, and the company wants to install more this year.
The operation had sales of $3 million for the fiscal year ended March 31.
Healy plans to boost sales by finding business for the company's excess press capacity.
The company has 25 employees.
While Moxness Thermoplastics molded for point-of-purchase and cosmetics customers, it ``drifted'' into auto parts molding, but it was a small player in a competitive market, Healy said.
``My focus will be to bring the company back to areas where we do our best work,'' he said.
Moxness Thermoplastics lost $251,000 in fiscal 1996 but it broke even in the first quarter of fiscal 1997 when it had sales of $727,000, according to a news release issued by Versa of Racine, Wis.
General Plastics paid about $3.4 million for the company.
Versa's continuing businesses include its Custom Components Group, which is composed of Moxness Products Inc., a Racine-based silicone rubber molder, and Lovdahl Manufacturing, also of Racine, which molds phenolic handles, housings and auto parts, said Janet Ford, a Versa spokeswoman.
Versa's Mox-Med Inc. division manufactures silicone rubber medical parts.
Versa's Fluid Power Group makes cylinders for aircraft and other industries.
Versa is publically traded and had sales of $70 million for fiscal year 1996.