Textron Fastening Systems boosted its injection molding capabilities by acquiring Advantage Molding and Decorating Inc. of Mount Prospect, Ill. The deal complements Textron Fastening's purchase last fall of custom injection molder InteSys Technologies Inc.
"The marriage of the two [acquired companies] will appeal to their major customers," Textron Fastening spokeswoman Joanie Gibson said in an interview from her firm's Troy, Mich., office.
Advantage Molding runs 18 injection presses in Mount Prospect and five in its Naples, Fla., facility, said former Advantage Molding President and part-owner Penny Froh. The presses, all horizontal, have clamping forces of 50-300 tons. Froh will continue with the operation as vice president and general manager.
Textron Fastening projected sales of $20.4 million this year for Advantage Molding. It did not disclose terms of the purchase.
Advantage Molding produces lenses and housings for the wireless telephone industry. It performs several value-added steps, yet maintains process yields higher than the industry average, according to Textron Fastening.
Motorola Inc. is a major customer. Advantage Molding's plants are located near Motorola facilities and fill geographic gaps of InteSys plants in Arizona, California, Texas and Mexico. Other key Advantage Molding customers include Advanced Dial, Borg Indak and Flextronics International Ltd.
About a third of InteSys' sales are in telecommunications components and assembly. Automotive, computers and business machines, consumer products and medical are its other main markets. It does design, molding assembly and painting. InteSys had sales of about $160 million last year.
Textron Fastening has made 13 acquisitions since 1994, boosting its annual sales from less than $400 million to more than $2.2 billion. It employs more than 16,000 globally.
Parent company Textron Inc. of Providence, R.I., has annual sales of $11.6 billion in aircraft, automotive, industrial and finance markets.