Diemolding expanding its auto parts division
CANASTOTA, N.Y. — Diemolding Corp. is adding manufacturing space in upstate New York, in part to meet automotive industry demand for phenolic brake pistons. Ford, Chrysler, General Motors and Mercedes vehicles use the pistons.
The custom molder has committed to invest $11.5 million for a new manufacturing facility in an existing, 20,000-square-foot Diemolding warehouse in Wampsville, N.Y.
Canastota-based Diemolding makes plastic parts for the automotive and medical industries and expects to create 150 jobs that will bring its total employment in Madison County to 519 people.
Based on the investment and employment plan, Diemolding is eligible to apply for a $1.5 million job development authority loan, a $500,000 interest-subsidy grant and a $150,000 job-training grant.
Diemolding plans to add 120 positions in its automotive division and 30 in the health-care division.
Donald Hicks Dew founded Diemolding in 1920. Third-generation owner-managers Donald H. Dew and Bruce Dew operate the business now.
New York Gov. George E. Pataki announced the Diemolding expansion Oct. 14.
20th Century Plastics buys Mich., Fla. firms
BREA, CALIF. — 20th Century Plastics Inc. of Brea has broadened its product lines and extended its distribution channels by acquiring two smaller makers of human-resource supplies and office products.
The acquisitions include G. Neil Cos. of Sunrise, Fla., a direct-mail marketer of paper-based human-resource supplies, and Duo-Tang Inc. of Paw Paw, Mich., a maker of paper-based report covers, portfolios and information presentation products. Terms were not disclosed.
Including these operations, 20th Century now has more than 1,500 employees and projects annual sales of more than $200 million.
Mark Jrolf, a partner with 20th Century's parent, Heritage Partners Inc. of Boston, said the acquisitions will help 20th Century become a well-rounded supplier.
20th Century makes polypropylene and vinyl photographic, organizational and storage products at facilities in Brea; Rochester and LeRoy, N.Y.; Columbus, Ohio; Tijuana, Mexico; and, as of March, Dublin, Ireland.
20th Century Plastics began sewing vinyl envelopes for the aerospace industry in 1954 and was spun off from Avery Dennison Corp. in a 1988 leveraged buyout.
Private equity investor Heritage Partners acquired the business from CHF Capital Partners of Menlo Park, Calif., in August 1997 and expanded the ownership stake of 20th Century's management, Jrolf said.
Heritage Partners was formed in 1987, has specialized in acquiring family-owned businesses and now has 35 investments with annual sales of more than $2 billion.
C.O. Tools 2nd marketing unit
ELKHART, IND. — Thermoformer C.O. Tools Inc. created a second marketing division for recreational vehicles, mobile homes and other nonautomotive markets.
The Elkhart-based firm named the new division Gold Seal Plastics. Its other marketing division, Prime Designs, focuses on automotive accessories such as bug deflectors, window shades, louvers and wheel flares.
C.O. Tools President Stephen Abernathy said the firm created the new division for a clearer identity in the marketplace. ``The company is not in the business of selling tools or making them ... We're in the business of fabricating plastics,'' he noted in a news release.
C.O. Tools, a private company fully held under an employee stock ownership plan, was established in 1971 by Donald Covert and the late Gordon Owens. It logged sales of about $10.2 million last year.