A Swiss-based financial and industrial group has acquired a custom injection molder and related mold-making operations in Whitby, Ontario.
Habib Group of Cos. of Zurich, Switzerland, purchased Horn Plastics Ltd., D&E Precision Tooling Ltd. and Valro Tool & Die from entrepreneur Horst Hornung on Oct. 13.
Terms of the deal were not disclosed.
The investment is the holding company's first manufacturing venture outside of Pakistan, Ali Habib, the newly acquired businesses' chairman and chief executive officer, said by telephone from his Whitby office.
The acquisition followed an extensive search in North America for an operation that has similar vision and operating philosophies and the potential to serve as ``a base to grow from,'' Habib said.
The fast-growing operations have been consolidated and are continuing as Horn Plastics Inc.
Ernest Gourley remains as president and reports through Habib Group's major banking unit in Zurich.
While increasing its assembly function, Horn Plastics plans to add six injection molding machines, probably in the 65- to 300-ton range in early 1999.
Horn Plastics has two sites with a total of 150,000 square feet in Whitby. It operates 36 injection molding machines, mostly Engels, and employs about 240 people. Its Sept. 30 fiscal year-end sales were C$40 million (US$25 million).
End markets include medical devices, business machines and electrical/electronic components. Assembly work is a priority.
Known as the House of Habib, the company was formed in 1841, focusing on commerce and banking.
It has more than 10,000 employees and now is under the direction of the fifth generation of the Habib family.
The House of Habib has two plastics operations near Karachi, Pakistan.
Auvitronics Ltd. molds and assembles audio cassette cases, loading the tape and duplicating recorded materials.
Publicly listed Dyno Pakistan Ltd. manufactures melamine compounds and other raw materials. Dyno Pakistan is a joint venture of Habib interests and Oslo, Norway-based Dyno Industries GSA.