United Shields Corp. of Cincinnati has inked letters of intent to buy three companies and is looking at six more companies to acquire.
Publicly held United Shields, formerly Capital 2000 Inc., was formed to acquire companies in the plastic manufacturing and food and beverage packaging fields. The firm also has rights to make a patented collapsible plastic drink bottle for retail markets.
The firm has agreements to buy Master Molders Inc., an Orangeburg, S.C., custom injection molder; R.P. Industries Inc., a Chester, Va., injection molder; and HeaterMetals Co. of Cincinnati, a maker of a self-heating entrees.
The companies collectively employ more than 200 and had combined 1996 sales of about $18 million, according to a United Shields news release.
``We're planning a strategic ensemble of companies that together can offer unique capabilities in both plastic manufacturing and food and beverage product development,'' T.J. Tully, United Shields chief executive officer, said in a news release.
According to documents filed with the Securities and Exchange Commission, United Shields will pay $840,000 in common stock and cash for Master Molders. The company, which has 16 presses, reported 1996 sales of $764,000, and sales of $700,000 for the first five months of 1997.
On Sept. 22, United Shields signed a letter of intent to acquire all the stock of R.P. Industries, according to SEC documents. RPI runs two plants with 42 injection molding machines. United Shields offered $6.1 million of common stock and cash for the firm. RPI had annual sales of about $10.7 million, according to SEC documents.
United Shields signed a $2 million deal with HeaterMeals on Sept. 12. According to the agreement, HeaterMeals reported 1996 sales of about $4.8 million, SEC documents said.