A Phoenix-based holding company has acquired and combined Arizona injection molders Premier Plastics Corp. and Accurate Thermoplastics and is evaluating other potential purchases in the West.
Diamond Equities Inc. in November formed a unit to pursue opportunities in the plastics industry. President David Westfere heads the unit, known as Precision Plastics Molding Inc.
The company acquired Premier on June 15. John Hoffman, Premier's president and majority shareholder, continues as Precision's chief operating officer. Premier employed four, operated four machines of 44-250 tons and occupied 4,000 square feet in Tempe, Ariz.
On July 20, the organization purchased Accurate Thermoplastics from Roy Thompson, who is leaving the industry. Accurate employed 30, operated 10 machines of 25-390 tons and occupied about 16,000 square feet, including 1,000 square feet in a yet-to-be-rated clean room.
The Premier business, including three molding machines, was relocated to the Accurate facility in Mesa, Ariz., and was fully operational Aug. 20. The businesses operate now under the Precision Plastics name.
While looking at other acquisitions, Precision is studying sites for a new, 50,000-square-foot production facility that would include a Class 10,000 clean room and as many as 30 presses with clamping forces as large as 500 tons, Westfere said.
The company plans to employ 50-75, and to operate a tool maintenance and repair shop and a separate facility to build new tooling.
Diamond Equities trades as an over-the-counter stock and was known as United Pay Phone Services until a sale of assets in 1996.
In addition to the plastics thrust, Diamond said it is considering the acquisition of a computer software company.