Premier Molded Plastics Co. last month purchased the assets of Tri Star Plastics of Greenville, N.C., and will consolidate Tri Star's operations with Premier's Leland, N.C., facility. Terms of the acquisition were not released.
Premier is nearly doubling the Leland plant size by 20,000 square feet to accommodate additional machines.
Equipment purchased in the deal includes 12 injection molding presses, a combination of HPM, New Britains and Arburg equipment ranging from 300-500 tons of clamping force.
Completion of the plant expansion and start-up is scheduled for June, said George W. Millington, vice president and general manager.
Premier President Randolph Moore said customer demand for press capacity in the 400-500-ton range spurred expansion plans. Moore said he heard through the ``plastics grapevine'' that Tri Star was for sale. The company was shut down when Premier bought the assets. Moore did not know how many workers were affected.
``The equipment and their capacity fit perfectly with what we needed,'' he said.
Tri Star's operations had been in a leased facility. Moore and Millington, partners in Premier, decided it was best not to try and run a satellite operation 120 miles away.
``We felt more comfortable integrating the equipment into our facility here,'' Moore said.
Premier now operates 37 presses. It recently began purchasing new equipment, including presses from Toshiba Machinery and Cincinnati Milacron. The 3-year-old company employs 52, compared with six when the plant first opened in 1993. Moore expects sales for 1997 to be about $6 million.
The company offers pad printing, silk screening, ultrasonic welding and assembly capabilities for the automotive, electrical, electronics and pharmaceutical industries. The company also offers product design assistance and implementation of cost-reduction programs.
Moore said he attributes the success of the company to the experience he and Millington obtained working for large corporations.
``We know what life is like on the other side of the fence and what it's like to get nonconforming parts in the door, then have to decide whether to use them or send everyone home until you can get more in,'' said Moore.
``It's critical to ship only good product to customers and we offer good product at a good price,'' he added. ``Shooting parts, shipping them and hoping they don't come back — those days are over.''