Blow molder Captive Plastics Inc. plans to more than double its closures business by acquiring Stull Technologies.
Captive of Piscataway, N.J., said in a Feb. 9 news release that the deal should be finalized by the end of March. It did not disclose terms.
Captive had closure sales of $17.3 million last year, marketing manager James Ness said in a telephone interview. It supplies personal-care, health-care, food and beverage markets.
It does blow molding and injection molding in Piscataway, N.J.; Peosta, Iowa; Louisville, Ky.; and Redlands, Calif. It also has a blow molding plant in Phillipsburg, N.J.
Ness said Captive's 46 injection presses range up to 350 tons of clamping force. It has about 80 blow molding machines. Captive also holds a majority interest in PET Power BV of Etten-Leur, Holland. It acquired the stake last year. Among Captive's in-house services are design, engineering, tooling, decorating and assembly.
Stull's sales, mainly for closures, were about $28 million in 1999. It has roughly 44 injection presses at its plant in Somerset, N.J.
The deal will allow Captive to sell its customers both bottles and closures, Captive Chairman and Chief Executive Officer John Raymonds said in a news release.
Raymonds said Captive will invest in new equipment for the Stull operation. Ness could provide no details.