PolyTen Plastics LLC is officially in business, having made its first acquisition: custom injection molder Pamlico Technical Molding Inc. of Washington, N.C.
Terms were not disclosed.
PolyTen Plastics of Gallatin, Tenn., bought the business from partners Jim Mason, Jack Lail and Arthur Williams. Lail and Williams founded Pamlico in 1988, and Mason joined the business in 1992.
Mason has been Pamlico's chief executive officer and will continue as vice president and general manager of the business under the new name, PolyTen Plastics, North Carolina.
Lail was an investor and, until 1994, an owner of Mid-State Plastics Inc. of Seagrove, N.C. Williams, who was active in Pamlico management, is retiring.
``Pamlico is an excellent first acquisition,'' Jay Cude, PolyTen Plastics president, said in a news release.
Cude and Birge Sigety incorporated the Tennessee limited liability company in February to acquire and improve plastics companies with annual sales of less than $10 million. The deal closed Sept. 1.
The North Carolina operation employs 35 and occupies a 40,000-square-foot facility with injection molding, mold design and assembly capabilities. Nine Van Dorn presses have clamping forces of 150-500 tons.
The operation has a history of supplying the home appliance and consumer products markets and has experience with products that use electronic controls, motors, and glass and metal components.