Captive Plastics Inc., an injection and blow molding firm, will acquire Thoroughbred Plastics Corp. from liquor manufacturer Brown-Forman Corp. around the end of September.
Thoroughbred, based in Jeffersontown, Ky., has 101 employees, who will be retained, the company said. The plant blow molds PET bottles and injection molds polypropylene closures for the health-care, food, automotive, specialty chemicals and distilled-spirits markets.
The distilled-spirits market interests Captive Plastics the most, officials said.
``Why reinvent the wheel when we can acquire someone with great skill in that market,'' Chris Evans, manager of marketing and business development, said in a telephone interview.
After the sale, the plant will continue to supply plastic packaging for a number of BrownForman brands, including Jack Daniel's, Southern Comfort, Early Times and Canadian Mist.
``The acquisition of Thoroughbred Plastics provides us with a strategic Southern location, while adding valuable PET capacity, innovative closure technology and industry acumen,'' John Raymonds, Captive Plastics chairman and chief executive officer, said in a news release.
The deal ``fits perfectly into our plan for aggressive growth, which includes additional acquisitions, as well as organic growth,'' he said.
Captive Plastics runs four plants. The original plant and headquarters in Piscataway, N.J., is 230,000 square feet. Other plants are in Redlands, Calif.; Peosta, Iowa; and Phillipsburg, N.J.
Thoroughbred's plant is about the size of Captive's remote plants; each has about 30 machines, Evans said. Thoroughbred's innovations include several patented items, including a combination cap and pour-out fitment for dispensing beverages or other liquids, and Thoro-Ban, a two-piece tamper-evident closure.
Captive Plastics molds polyethylene, PP, PET and PVC. Its products include bottles, pens, pen caps, beverage caps, building supplies, tubes, and closures for personal-care and tube markets.
The firm plans to add injection stretch blow molding to the Redlands plant, which offers injection molding and injection blow molding.
The Peosta plant does injection and blow molding, plus decorating, filling, labeling and ship- ping. In addition to injection blow molding, the Phillipsburg plant decorates and labels bottles.
``Our long-term plan is for growth as a total packaging supplier,'' Evans said. ``We're conveying this to our customers through acquisitions.''
Brown-Forman is a $1.8 billion company in Louisville, Ky. Captive Plastics reported total sales of $58 million in fiscal 1996, including injection molding sales of $10.9 million.