Stull Closure Technologies of Randolph, N.J., has a new look, changing its name, ownership structure and logo.
``Our new company will be called simply Stull Technologies,'' Gene Stull, chairman and chief executive officer, said in a news release. ```Closure' has been dropped as we expand our vision to encompass new products and processes.''
The company plans to establish a board of directors, and the new logo reflects the change in Stull's philosophy to branch out into injection molded products other than closures.
Stull's father Morton Stull founded the company 50 years ago. Gene Stull recently bought the stock held by his father and younger brother, Dean. Gene Stull now owns nearly all of the stock, with Chase Capital Partners owning a very small percentage, Janeen Sharp, Stull marketing manager, said in a preshow interview.
``We have a new outlook on how we do business,'' Sharp said. ``We look at a proposal and ask, `Does it make good business sense?' instead of, `That's something we'd like to do.'''
Summit Bank in Princeton, N.J., and New York-based Chase worked with Stull on the stock deal. Gene Stull plans to make use of the banks' consultants, business analysts and capital for growth opportunities, Sharp said.
The firm employs 335 at its plants in Randolph and Somerset, N.J. It operates about 50 injection presses with clamping forces of 180-500 tons.
The company's high and low density polyethylene and polypropylene closures are used in the packaging, containers and medical/pharmaceutical end markets. Stull reported 1996 sales of $29 million in Plastics News' 1997 survey of North American injection molders.
