SKM Applied Technology Partners has boosted its stake in packaging by acquiring Nadel Industries Inc. of Port Chester, N.Y. Nadel fits well with SKM's health and cosmetics products group, which comprises Tri-Molded Plastics of Bay Shore, N.Y., Apollo Packaging of Bridgeport, Conn., and Sussex Technology of Sparta, N.J. A spokesman estimated Nadel's annual sales at $25 million.
Nadel brings an international presence to SKM, according to Nadel founder and President Murray Nadel. It specializes in proprietary PET jars, compacts and cosmetic accessories, running injection molding plants in Hermosillo, Mexico; Kaiping, China; and Port Chester. The firm has been growing as PET replaces glass in cosmetics packaging.
SKM's packaging subsidiaries mainly do custom injection molding for health and cosmetics markets, but also do some proprietary molding.
"Nadel fits perfectly with our global initiative in the health and beauty-care market," Raymond Langton, SKM chief executive officer, said in a news release.
The deal gives SKM a prestigious customer base, well-regarded proprietary products and overseas manufacturing, he added.
Murray Nadel said he will remain president of the operation during a transition period. He established the company 25 years ago after already spending 20 years in the packaging business.
SKM estimates the Nadel purchase will boost its annual sales to more than $170 million. SKM's engineered plastics group consists of Modern Plastic Technics of Berlin, N.J., and Cascade Die Mold in Monticello, Iowa. The firm also runs two rubber processing plants.
Overall, SKM's markets include telecommunications, electronics, consumer products, medical, automotive and other industries. It plans to expand to $500 million a year in sales within five years through acquisitions and internal growth.