Automotive parts suppliers Intec Group and Amtech International Group have teamed up to create a minority-owned joint venture.
The venture, AI Technologies LLC, will take over Intec's plastic injection molding operations in Palatine, Ill., but Intec will retain its dominant business, precision insert molding. Intec does some insert molding in Palatine, but does the majority in Morocco, Ind.
The partners joined forces to provide a broader range of molding technology demanded by their customers among Tier 1 and Tier 2 suppliers. They also plan to capitalize on the high priority that automotive original equipment manufacturers place on awarding contracts to minority-owned companies. Amtech is majority-owned by Eric Heard, who has Asian and American ancestry.
Intec brings to the venture its global presence through operations in the United States, Europe, Singapore and China. But its offshore interests are not directly included in the AI venture.
``We were looking for a partner to grow our injection molding business outside insert molding,'' said Intec President Steve Perlman. He predicts the AI venture will have sales of more than $4 million for its first year in operation. Intec's annual, domestic sales are about $40 million, Perlman said.
Amtec, based in Southfield, Mich., offers assembly and know-how in doing business with Japanese auto firms. Its warehouse and manufacturing plant is in Taylor, Mich., Heard said in a telephone interview.
Heard, Amtec founder and chief executive officer, will be CEO of AI Technologies. He was born and raised in Japan and is fluent in that country's language and business practices.
