Sheet converter and extruder Crawford Industries LLC has acquired the Polyblend trade business from Acco Brands Inc. and is consolidating operations in Crawfordsville, Ind.
Kendall Faulstich, Crawford managing director, said the equipment, intellectual property, brand identity and other assets will become part of existing Crawford operations and the Polyprime Division Crawford formed in the spring to enter the graphic-quality industrial sheet market. The transaction was completed July 31. Terms were not disclosed.
The acquired part of Acco's Polyblend Division in St. Charles, Ill., had annual sales of about $5 million from extruding high density polyethylene and polypropylene sheet for informational packaging such as binders and tote boxes and converting the material into office products.
Acco retained a captive portion of the division and, in recent months, outsourced that work to others, including Crawford. Polyblend has about 80 percent of its volume in extrusion, with the remainder in conversion. Crawford's converting also is at about 80 percent.
By Sept. 30, Faulstich said, he expects to complete the transfer of Polyblend equipment, including four extrusion lines. Crawford currently has nine extrusion lines. Crawford has 125,000 square feet of space in Crawfordsville and leases a 25,000-square-foot outside warehouse.
Crawford has 225 employees during peak periods. The company said it offered transfers to some of Polyblend's workers, but none of them accepted.
Crawford, a subsidiary of privately held Horizon Five Star Cos. Inc. of Naperville, Ill., had 2001 sales of about $25 million.
Acco Brands is a unit of publicly traded Fortune Brands Inc. of Lincolnshire, Ill.