DETROIT — APTC Plastics Inc., an automotive wiring-harness parts supplier, has been purchased by a limited partnership group owned by the chairman of Cambridge Industries Inc. and the owner of Mold-Rite Tool Inc.
APTC, based in Rochester Hills, Mich., had been owned by brothers David and Hugh Elliott since its inception in 1984. The company extrudes plastic convolute tubing and profiles, and injection molds fasteners for wire harnesses in door panels, instrument panels and underhood systems. APTC stands for Automotive Plastic Tubing Co.
The new owners have aggressive growth plans for the 150-employee business, which is expected to record 1997 sales of $14 million to $16 million. The company is owned in a 50-50 split by Richard Crawford of Cambridge, a Tier 1 auto supplier in Madison Heights, Mich., and Patrick Greene of Mold-Rite, an injection molding toolmaker in Fraser, Mich.
The sale of the company, which is now called APTC Plastics LLC, was completed April 10 for an undisclosed price. David Elliott will remain as president, and Greene will take an active role as manager of APTC Plastics Acquiring Co. LLC, the holding company for the supplier.
APTC has plants in Rochester Hills and El Paso, Texas. The facilities make wiring-harness components for Tier 1 and Tier 2 suppliers that primarily serve Ford Motor Co. and Chrysler Corp.
The plants currently have a combined eight injection presses with clamping forces of 120-500 tons, three profile extruding lines and 20 convolute tubing lines, Elliott said. Resin materials include nylon, polyethylene and polypropylene.
The company plans to expand the 35,000-square-foot Michigan plant and its 50,000-square-foot Texas facility, Elliott said. The company is considering adding a total of seven new injection presses, three to five profile lines and 10-14 tubing lines, he said. He did not give a timetable for the expansion.
``To grow and become a global leader in the industry, we decided to sell the company to people in a better position to support our goals,'' said Elliott, who added that the company had sought out buyers. ``We look forward to using their expertise to take us to a No. 1 position worldwide.''
Greene said the new owners intend to grow the company at a rapid pace. The holding company also is considering other acquisitions to complement the parts supplier's wiring-harness products, he said.
``The [previous] owners were ready to take the company to the next level,'' Greene said. ``We plan to build a larger, stronger organization together.''
Cambridge, Crawford's company, has grown substantially in the past year. A bulk of that company's business comes from the injection and compression molding of sheet molding compounds used in interior, exterior and structural automotive parts.
Cambridge recorded 1996 sales of $350 million.
Greene's company, which makes precision tools for small automotive parts, such as fasteners and connectors, also will share design and engineering expertise with APTC, he said.
While Crawford and Greene are longtime friends, the two never before have collaborated on an acquisition, Greene said.
APTC ranked 90th in North American sales among pipe, profile and tubing extruders with $13 million in 1995 revenues, according to Plastics News' ranking.