A Michigan investment group has acquired a second plastics molder and may add other operations.
Some investors in the group's holding firm, Cranbrook Plastics Inc. of Bloomfield Hills, Mich., bought Industrial Molding Corp. Plastics from IMACC Corp. on Nov. 6. Terms were not disclosed.
A partially overlapping group of Cranbrook investors acquired control of Waltec Plastics in Canada in late 1996.
Owners are aligning the IMC and Waltec operations.
``We will capitalize on the strengths and have a much stronger group together,'' David Webster said in a telephone interview.
Webster is executive vice president and chief financial officer of Waltec in Midland, Ontario, and, since the change of control, holds the same titles with IMC. Rancho Dominguez, Calif.-based IMC also has plants in Tualatin, Ore., and Pendergrass, Ga.
IMC anticipates 1997 sales of about $60 million, and Waltec, more than $25 million, Webster said.
Waltec's acumen in management information systems will be applied to IMC's needs, Webster said. The owners will invest about $250,000 to create a management information system. In turn, IMC's equipment configuration and operations flow may be applied to Waltec facilities. All four sites use gas-assisted molding.
IMC Plastics, privately owned since 1958, injection molds enclosure parts for computers, televisions, power tools and some equipment. The firm also performs contract manufacturing tasks, including subassembly, and secondary services, such as pad printing, painting and thermal transfer.
IMC employs about 250 and operates 26 presses with clamping forces of 50-2,750 tons in the Southern California facility.
About 100 work at the Oregon site, where 17 presses have clamping forces of 120-720 tons. IMC opened the facility in 1993.
The Georgia plant employs about 75 and has eight presses with clamping forces of 60-2,750 tons.
IMC's sales from tooling are projected at about $6 million this year, up significantly from about $2 million in 1996. Companywide sales were about $60 million in both years. ``Some major accounts were between projects,'' with the new tooling expected to increase 1998 business, according to Jim Holmes, IMC vice president of sales and marketing.
Waltec employs more than 300 and operates 38 injection and 30 compression molding presses in two plants in Ontario. Injection molding accounts for more than 80 percent of sales. Clamping forces are 15-1,500 tons.
Waltec molds vacuum cleaner components and parts for computers, business machines, telecommunications systems and large appliances.
"It is likely that, over the next couple of years, Cranbrook Plastics [will] own Waltec and IMC Plastics, and, potentially, other businesses with a geographic and strategic fit," Webster said.