Naperville, Ill.-based Horizon Five Star Cos. Inc. has acquired sheet extruder Crawford Industries for an undisclosed amount. The deal closed May 3.
Now called Crawford Industries LLC, the company extrudes and converts graphic-quality polyethylene and polypropylene for the personal-care-packaging, signage and display, industrial, envelope and label markets. It had been an affiliate of American Trading & Production Co., which is selling its manufacturing divisions.
This is not Horizon's first entry in the plastic industry. The firm had owned Robb Container Corp., a blow molding company, which it sold last year.
``We're defined as an operating company,'' Kendall Faulstich, vice president of sales and marketing for Horizon, said by telephone. ``We like to be hands-on and plan to complement Crawford in growing it to the next level.''
Crawford, headquartered in Crawfordsville, Ind., fit Horizon's acquisition criteria, Faulstich said. It has a solid foundation, a good name and reputation in the industry, and is profitable and growing.
``We plan to pursue further strategic acquisitions to complement this line,'' he said.
Crawford had 1998 sheet sales of between $18 million and $20 million, said Earl Guinter, administrative services manager for Crawford. The firm employs 225 and operates nine lines.
``Crawford has a nice, modern facility,'' Faulstich said. ``The location is advantageous to serve the country. In addition, there are talented people there with expertise in the industry.''
Faulstich, along with his father, George, and his partner, David Sullivan, operate Horizon.