CINCINNATI — United Shields Corp. announced Jan. 5 it has completed its acquisition of R.P. Industries Inc., an injection molding holding company in Chester, Va., for a total of $10.1 million, in cash and common stock.
According to United Shields, R.P. Industries employs 150 and reported sales of $10.6 million for the fiscal year ended July 31 from its two operating subsidiaries, Richmond Plastics in Chester and Granville Plastics in Durham, N.C.
In a prepared statement, United Shields Chief Executive Officer T.J. Tully said the acquisition is a ``key element to our long-term growth plan in plastic manufacturing.''
The company announced in October it was buying Master Molders Inc., an Orangeburg, S.C., custom injection molder, for $840,000 in cash and common stock.
United Shields, based in Cincinnati, is targeting the plastics manufacturing and food and beverage packaging industries, according to Tully. The company is negotiating additional acquisitions with six other manufacturers of plastic containers and products.