Components manufacturer Small Parts Inc. significantly expanded its injection molding capability by purchasing Poly Craft Inc., a 50,000-square-foot facility in Wauseon, Ohio, formerly owned by Core Industries Inc. Terms were not disclosed.
The new plant will give Logansport, Ind.-based Small Parts 16 additional presses and boost its total to 45 machines in three plants, said Clay Barnes, executive vice president of Small Parts. With the purchase, about 30 percent of the company's $85 million in annual sales will come from plastics, but the firm also does metal stamping and automated assembly.
The Wauseon plant will become part of the Small Part's Napco Division, along with its current Napco Plastics plant in Napoleon, Ohio, he said. Small Parts took over the plant April 26.
Core sold Poly Craft because it is outside the company's main markets and had ``become almost like an orphan,'' said Larry Murphy, executive vice president of Bloomfield Hills, Mich.-based Core.
Poly Craft, which had less than $7 million in annual sales, failed to earn the cost of its capital in recent years, the company said in a statement. The plant was too small to sell into the automotive market, and was one of the company's smaller units, Core said.
Core's $250 million in annual sales comes in three areas: fluid controls and construction, test and measurement products, and farm equipment.
The plant's 16 presses have clamping forces of 75-950 tons, and it employs about 50, Core officials said. Core was using only about 45 percent of the plant, which gives Small Parts room to expand, Barnes said. The company is growing in its existing markets, particularly automotive and consumer electronics, he said.
Small Parts will be able to use the additional capacity immediately, and plans to expand significantly at the Wauseon plant in the next 12 months, he said. The company purchased its Napoleon plant in January 1996.