Berguda buys Premier Molded Plastics
LELAND, N.C. — An investment firm has bought custom injection molder Premier Molded Plastics Co. of Leland.
Berguda Holdings LLC plans to expand the business, according to Berguda partner Steve Rammrath, but he provided no details or timetable. Premier runs 42 presses with clamping forces of 50-500 tons and has annual sales of about $7.5 million, Rammrath said in a telephone interview.
Berguda is an investment company set up in Wilmington, N.C., specifically to buy Premier. Officials did not release terms of the purchase, which was finalized Jan. 5.
Premier mainly molds engineering thermoplastics, but about a quarter of its work is in phenolics. Its major markets are appliance, automotive, electronics, power tools and telecommunications. Rammrath said the firm will add molding capacity because it has had to turn business away due to capacity restraints.
Rammrath, who has a background in plastics compounding, will act as general manager of Premier. Randy Moore will continue as president and George Millington will continue as vice president. The executives formerly owned Premier. Other staff members who will stay with the operation include project manager Michael Moore and quality manager Mark Millington.
Live Oak Capital Advisors Inc. of Myrtle Beach, S.C., advised Premier's owners in the deal.
Formtech Enterprises deals for Yates
STOW, OHIO — Custom profile extruder Yates Co. now is a division of Formtech Enterprises Inc. of Stow.
Terms were not disclosed, but Formtech plans to keep all management and employees intact at the company's plant in Erie, Pa., said Jeff Yates, former chief executive officer of Yates Co. and chairman of the division.
The deal closed Dec. 29.
"We want to become more competitive in the marketplace," Yates said.
The company now will enjoy expanded resources and the ability to offer increased capabilities, capacity and economies of scale, he said.
Yates' focus is point-of-purchase displays. Formtech, founded in 1970, produces components for office furniture, window and door lineals and wood-filled plastic products.
Under owners Cindy and David Turk, Formtech had 1999 sales of about $20 million, Yates said. The company acquired Jackson, Mich.-based Quick Plastics in 1998 and has five plants in Ohio, Georgia, Michigan and Pennsylvania.
Yates' 1999 sales were $9 million. The company operates 15 extrusion lines in its 80,000-square-foot facility and employs 65.
Dayton Superior enters plastics market
DAYTON, OHIO — Dayton Superior Corp., a manufacturer of modular forms and accessories for concrete and masonry work, is entering the plastics industry with a recent acquisition.
The company bought injection molder Aztec Concrete Accessories Inc. of Fontana, Calif., in a deal announced Jan. 4.
The purchase will give the Dayton-based construction products manufacturer a bigger presence on the West Coast, said John Ciccarelli, Dayton's chairman, president and chief executive officer.
"Aztec has an excellent position on the West Coast," Ciccarelli said.
The companies have been purchasing products from each other for years, he said.
Terms were not disclosed.
Aztec uses engineering thermoplastics and composites to make products for the concrete industry, such as reinforcing bar supports. The company has been in operation since 1967.
Dayton Superior makes and distributes metal accessories and forms for concrete construction and metal accessories for masonry construction. The company has made 14 acquisitions since 1994, not including Aztec.
Dayton is owned by an affiliate of Odyssey Investment Partners LLC in New York.
Ciccarelli said Dayton will invest in Aztec rather than seek further acquisitions in the plastics industry.
Publicly held until June, Dayton reported 1999 sales of $322 million. Aztec's sales were not disclosed.