Prospect Mold and Die Co. and Akromold Inc., both of Cuyahoga Falls, Ohio, will merge mold-making operations Jan. 2. Prospect has purchased the assets of Akromold, and plans to move into Akromold's 100,000-square-foot facility.
The new company, which will be named Prospect-Akromold Inc., anticipates annual sales of about $24 million in 1997.
Tom Orr, vice president of Prospect, said Akromold became available at a time when Prospect needed.
``They're strong in areas where we're weak and we have strengths in areas where they're weak,'' Orr said in a telephone interview.
Also, there is not a lot of duplication of equipment, so both companies will add capabilities, Orr said.
Prospect, in business since 1945, manufactures smaller-sized injection molds for the automotive and housewares industries, specializing in multicolor plastic injection molds. The company claims to have made the first five-color production mold in North America.
Akromold specializes in large-sized injection, compression and structural foam molds for the automotive, aerospace, appliance and housewares industries. It also specializes in custom computer numerically controlled machining of large and small dies for the aerospace and automotive industries.
Orr said Prospect will gain ``a lot of good, talented people'' in the acquisition. The combined Prospect-Akromold will employ about 175.
Akromold President Robert C. Monteith said the impending retirement of his two brothers meant that some changes also were imminent. The three brothers took over operations of the company that their father, William H. Monteith, Sr., founded in 1940.
``The timing is right and I think it's a good marriage,'' said Monteith, who plans to stay on with the company ``only through the transition period.''
Orr said there seems to be a lot of mold shops in which the ``founders are getting up there in years'' and looking to sell their companies. This presents opportunities to other mold shops looking to expand their business, he said.
``The opportunity to sell to a company with the same philosophies toward employees and customer service led to the decision to sell to Prospect,'' Monteith said.
Prospect expects to complete its move into Akromold's facility by Feb. 15.