Custom injection molder Tech Group Inc. has purchased Colorado molder American Precision Plastics, a move that Tech officials say will give them boosts in high-speed thin-wall molding and proprietary medical products.
Tech Group of Scottsdale, Ariz., announced Jan. 29 that it bought Northglenn, Colo.-based APP for an undisclosed sum.
APP has one plant in Northglenn with more than 30 injection molding machines from 150-550 tons. The firm has a strong presence in proprietary plastic medical, surgical and laboratory products, said Mark Dorris, vice president and general manager for Tech Group.
The company will not be de-emphasizing its custom injection molding operations, he said. APP's core competency is in high-speed, thin-wall molding, a ``complementary skill'' because Tech Group did not do thin-wall molding, Dorris said.
APP will retain the same management and keep its name, Tech officials said. APP President Eric Erickson will continue to run the operation, and Chief Executive Officer William Schmidt, who had been the majority shareholder in APP, will act as a consultant. APP had been owned by a group of Chicago-area investors.
Tech officials would not disclose sales figures for APP. Tech Group ranked 32nd on Plastics News' 1997 survey of North American injection molders, with $114.5 million in sales in medical, consumer and technology markets.
With the one APP plant, Tech Group plans to have 15 plants operating by the end of 1998.
Tech Group completed the APP purchase in August but did not announce it until Jan. 29.