The following news stories were reported by Plastics News correspondents Roger Renstrom and Frank Antosiewicz. Scope Molding owner seeking acquisition
AMERY, WIS. — Injection molder Scope Molding has new acquisition-minded owners and may build a facility within 30 miles of its existing Amery plant this year.
Press-Gold Group of Edina, Minn., bought Scope in early January from founders Robert Power Jr., Tom St. John and Michael Benson. Terms were undisclosed.
"We are looking for other plants to buy," said Carl Pressman, Scope president and a Press-Gold partner. "We want to grow through existing businesses in the $1 million range with loyal, dedicated customers."
Scope employs seven and had 1999 sales of $600,000, up from $440,000 in 1998. Its five presses range from 25-200 tons. It leases 7,500 square feet, but a low ceiling limits machine height.
"We are looking for a bigger press soon and will probably build within six months," Pressman said.
In mid-March, Scope underwent its ISO 9002 audit and expects certification by May.
Pressman and Jeff Goldenberg formed Press-Gold as a partnership in 1998 to acquire a 90-year-old business now known as TimeTrak Systems. With about $2.4 million in sales, TimeTrak is a value-added reseller of off-the-shelf, automated time-and-attendance systems to plastics processors, mold makers and others.
Part Inc. relocating to larger S.C. digs
GASTONIA, N.C. — Custom injection molder Part Inc. is moving 10 miles to a newly constructed facility in Clover, S.C., and planning to add presses and employees.
The firm is landlocked at its existing 15,000-square-foot plant in Gastonia, President Dennis Denton said in a telephone interview.
"We added [on] three times over 22 years," Denton said. He began scouting sites in 1997.
Construction began in August, and he expects the business to be operational in the 32,500-square-foot building by the end of April. Space is allocated for research and development.
The Tier 2 supplier of automotive and military components operates nine injection presses.
"We will probably add six to eight [presses] over three or four years," Denton said.
The firm employs 35 and plans to hire five or six more people in the near term. "I can see it being 60 persons" eventually, he said.
Denton expects most employees to follow the business across the state line.
LM Group expanding plastics operations
STERLING HEIGHTS, MICH. — LM Group Inc. of Sterling Heights is adding 9,000 square feet for warehousing by June and plans to buy more injection molding presses for its Luckmarr Plastics division.
"We do a lot of larger parts, and we needed additional warehouse space" for raw materials and finished product, said Marco Pierobon, LM's vice president of operations. Construction began in November.
Much of LM's output faces just-in-time delivery requirements incompatible with the existing warehouse space of about 6,000 square feet. Nearby, LM has 30,000 square feet for design, molding, assembly and mold-building operations, and another 5,000 square feet for offices. By September, it expects to buy four presses with clamping forces of 450-650 tons for Luckmarr.
Currently, the injection molder has 19 presses total from 75-700 tons: Luckmarr runs 14, and the LM Brar division, five.
LM Group employs 90 and recorded sales of about $8 million for the fiscal year ended June 30. Luckmarr and minority-certified LM Brar together accounted for $7.5 million, and LM's Accutek mold-making division $500,000.
Hi-Tech moves into gas-assist molding
PITTSFIELD, MASS. — Custom injection molder Hi-Tech Mold & Tool Inc. is moving into the gas-assisted market.
The company purchased a Gain Technologies Inc. nitrogen unit for an undisclosed price at a recent auction and is retaining the services of Michael H. Caropreso of Caropreso Associates in Beckett, Mass., as a consultant.
Carl M. Olson, Hi-Tech sales and marketing manager, said the project is opening new opportunities, including one with an undisclosed heating, ventilation and air-conditioning equipment firm.
Hi-Tech Mold relocated into a new, 54,000-square-foot building in November 1998.
IntegraTech Plastics sets growth goals
NORTH ATTLEBORO, MASS. — IntegraTech Plastics is expanding its customer base and, with its parent firm, eyeing potential acquisitions and partnerships.
The search involves domestic targets initially, but the coordinated group is "looking to go abroad," said Richard McKenney, IntegraTech Plastics president.
Until recently, the North Attleboro injection molder and mold maker was known as Plastic Molding Manufacturing Inc.
On Jan. 1, George E. Danis renamed PMM and merged it and three other Massachusetts businesses into IntegraTech Solutions Corp., based in Reading, Mass. Danis is owner and chief executive officer. The operations employ 400 and had 1999 sales of $40 million, including $8.9 million in molding sales.
Parent IntegraTech Solutions makes metal boxes, cabinets, plastic housings, hardware fasteners and circuit-board assemblies for customers such as Motorola Inc., Lucent Technologies Inc. and Siemens AG units.
IntegraTech Plastics employs 65, including five toolmakers, and runs 23 presses from 28-770 tons and shot sizes up to 10 pounds. It added two Van Dorns, a 400 and 500 tonner, last year.