TransTec plc is trebling its plastics component sales with the £18.1 million ($30.2 million) takeover of British electronics, domestic appliance and automotive part injection molder Vector Plastics.
TransTec of Birmingham, England, said the deal complements its own plastics operations by taking it into ``fast-growing markets'' such as domestic appliances and computer monitors, adding new molding technology and extending its geography in the United Kingdom.
Vector Engineering Products Ltd. bought 50-year-old Vector Plastics, which comprises three businesses — Rolinx Ltd., Elliott Plastic Components Ltd., and L&P Plastics Ltd. — from Britain's Caradon plc in 1996.
The company's four molding plants, in Manchester, Walsall, Newport and Margate, England, serve such clients as Sony, Panasonic, Hoover, Dyson, BMW/ Rover and Sharp.
The takeover introduces a new technology for molding and ultrasonic welding automotive inlet manifolds to TransTec.
Vector reported sales of £51.4 million ($85.8 million) in 1996, and profit of £1.7 million ($2.84 million), according to TransTec, which took over the firm on June 30.
TransTec's existing plastic products businesses, which it bought in 1995 and last year, have already returned over 25 percent of their undisclosed prices, stated TransTec.