Waterbury Cos. Inc., one of the oldest U.S. injection molders, recently changed owners after a management-led buyout.
The firm had been a unit of Talley Industries for 22 years, and more recently was a branch of Carpenter Technology Corp. of Reading, Pa.
President Carl D. Contadini led the buyout effort, which closed Aug. 14 after yearlong talks.
``Basically our intention was to keep Waterbury Cos. intact,'' Contadini said in a telephone interview. Terms of the sale allow Waterbury Cos. to keep its entire corporate structure in place.
Waterbury Cos. has its corporate headquarters in Waterbury, Conn., and a molding plant in Randolph, Vt.
The Randolph plant also does assembly and packaging. It has more than 70 employees working three shifts, and 20 injection molding presses ranging from 30-500 tons of clamping force.
The newly independent company includes Waterbury's Commercial Products Division, which makes professional hygiene and pest-control products, plus its Metals Button Division, which supplied buttons to both the Union and Confederate armies during the Civil War.
The button division, founded in 1812, was one of the first U.S. companies to injection mold plastic, according to the book Plastics History-U.S.A., by J. Harry DuBois. Waterbury Button Co. started molding plastic buttons in the mid-1800s, following in the footsteps of the first U.S. molder, S. Peck and Co.
Carpenter Technology had acquired Talley in 1998, with the stated intention of disposing of all of Talley's operations except for its stainless-steel unit.
Waterbury's plan is to build the organization through internal product development, strategic alliances and acquisitions. It currently employs more than 220 and sells products in 68 countries. Waterbury had 1997 sales of $37 million.