Lebanon Plastics Inc. plans to add equipment to its Ohio and Kentucky injection molding plants, after its July acquisition of Futura Plastics & Engineering Inc.
The deal expanded Lebanon Plastics' reach in the automotive, appliance and industrial components industries, said President Martin Kelly.
Lebanon, which is based in Lebanon, Ohio, near Cincinnati, took over operations of the Futura Plastics plant in Louisville, Ky., in July as part of the multimillion-dollar deal, Kelly said.
``It's all proceeding as planned,'' Kelly said of the takeover. ``We're very happy with it.''
The acquisition included a 60,000-square-foot plant and 24 injection presses with clamping forces ranging from 85-500 tons. The Lebanon operation consists of a 54,000-square-foot plant with 13 machines from 500-1,000 tons.
The plants employ a total of about 250. Factory workers and employees in Futura's engineering, marketing and quality departments will stay, Kelly said.
Lebanon Plastics reported 1997 sales of $9 million. Futura had $10 million in sales for its fiscal year ended June 30, 1997.
Kelly said Lebanon will continue operating both plants, with the former Futura plant going by the name of Lebanon Plastics Inc. of Kentucky. He said plans are in the works to add two more injection molding machines to each facility within the next 12 months.
The deal was financed through an investment from River Cities Capital Fund Ltd., a Cincinnati-based venture capital fund.
Kelly said more acquisitions are on the horizon for the company, but would not give specifics. According to a prepared release, Lebanon Plastics is shooting for a total of $50 million in annual sales within the next few years.