SciTech Plastics Group LLC on Jan. 14 made its third acquisition — a Massachusetts molder — and may make another purchase by midyear. SciTech acquired Accutech Plastics Inc. of Marlborough, Mass., from Ed Penders and Alan Adams and immediately changed the entity to a limited liability company. Penders and Adams continue as Accutech president and chief financial officer, respectively.
"We've analyzed 82 molders, visited a third of them and negotiated with six since SciTech was founded in mid-1998," said Wally Meyer, president and chief executive officer of the Kansas City, Mo.-based firm.
SciTech continues to search for acquisitions suitable for upgrading to scientific injection molding procedures, Meyer said by telephone.
Day's Molding LLC of Constantine, Mich., and Golston Co. of Sanger, Texas, are other SciTech holdings. Collectively, the three operations should have 2000 sales "well north of $30 million," Meyer projected.
Penders and Adams led a group that formed Accutech in 1988.
Accutech employs 85, occupies 53,000 square feet and operates a total of 29 injection molding machines with clamping forces of 30-306 tons and an average age of less than five years. The space includes 10,000 square feet that recently was leased.
Sixteen of the employees and 10 presses came from Anderson Interconnect Inc.'s Carbolon Custom Molding, a supplier of medical and specialty insert components. Accutech acquired Carbo- lon's assets Nov. 1, but not the Carbolon plant in Sterling, Mass. Accutech relocated the equipment to Marlborough in mid-December.
Accutech's operation includes a 7,000-square-foot Class 100,000 clean room that has reached its capacity. The 12 presses there include three electrics and nine hydraulics.
The remainder of the plant can accommodate another five or six machines that may be added in the next two years, Penders said.
Accutech management decided in early 1999 to seek a way to tap additional financial resources.
"It is difficult to survive on your own," Penders said. "You need to reinvest in the business."
Penders and Adams looked at 10 prospects before opting for SciTech.
Accutech's consolidated operations had 1999 sales of about $10 million.
SciTech's funding sources include private merchant bank C3 Holdings LLC of Kansas City; Massachusetts Mutual Life Insurance Co. of Springfield, Mass.; BankBoston Corp.'s capital ventures subsidiary in Boston; and Key Bank's corporate capital division in Cleveland.