Two entrepreneurial groups have merged their Southern California polymer processing and mold-building entities to form Acorn-Gencon Plastics LLC.
Principals completed the deal Oct. 5 and, within a month, moved Gencon Plastics Inc. 14 miles from Corona to the 90,000-square-foot facility of Acorn Plastics Inc. in Chino.
Gencon's team manages the merged firm, with former Gencon President Jeff Wyche serving as president.
Acorn-Gencon Plastics employs about 80, operates 25 presses of 95-500 tons and anticipates 2002 sales of about $10 million.
Before the business merger and site consolidation, Acorn Plastics operated 22 presses and Gencon had 11.
Two California-based holding groups, Unique Investment Corp. of Anaheim and Acorn Engineering Inc. of Bassett, each own 50 percent of Acorn-Gencon. Other terms were not disclosed.
``The goal for Gencon was to continue its growth through either an acquisition or merger,'' Scott Hartman, managing director of Unique, said in a statement. ``This transaction accomplishes that objective.''
Acorn Engineering acquired Craddock Industries in Chino in 1996, changed the name to Acorn Plastics and operated the business as a division. Markets include plumbing, irrigation, medical, military and aerospace. The business was formed in 1979 as Savannah Plastics.
Seven other Acorn Engineering units make plumbing fixtures and systems, roof flashings, steel buildings, tankless water heaters and other products. Acorn Engineering opened in 1954 as a manufacturing division of Elmco Sales Inc.
Gencon was established in 1978, and Unique investors purchased the business in July 1995.
Gencon employed about 30 and, in the move, retained most members of the crew. It reported 2000 molding sales of $4 million, principally in communications, electronics, computer, aerospace and medical markets. Since 1995, Gencon more than doubled its sales through internal growth.
Formed in 1993, Unique acquires growth-stage small and midmarket companies. In addition to Acorn-Gencon, Unique has investments in seven firms in manufacturing, business and service sectors.