Morton Industrial Group Inc. did not have to look far to find a buyer for its remaining plastics operation.
A group led by Morton Industrial executive Robert Janeczko is acquiring the business, which will be known as Innovative Injection Technologies Inc. in West Des Moines, Iowa. The purchase price was not revealed, but may be when the deal closes later this month said Rod Harrison, Morton Industrial's vice president of finance.
Janeczko joined the company in 1995, when he served as president and chief operating officer of Morton Metalcraft Co. He also was general manager of the plastics facility in West Des Moines from May 2001 through March 2002. That experience is one reason the opportunity to acquire the custom injection molder was attractive to him, he said.
``I'm familiar with the business and customers,'' Janeczko said. ``It's a very outstanding group of people. Morton Industrial Group wants to get out of the plastics business and I'm willing to get into the plastics business.''
The 115,000-square-foot site employs 140 and operates 28 injection presses with clamping forces of 85-2,200 tons. It is listed as having a value of $8.9 million on Morton Industrial's 2002 annual report.
``Bob Janeczko has been a trusted executive of Morton Industrial Group Inc. for over eight years,'' William D. Morton, Morton Industrial's chairman and chief executive officer, said in a news release. ``A portion of that time he spent leading and developing the existing management team'' at Innovative Injection Technologies.
In December, Morton Ill.-based Morton Industrial sold its five other plastic plants, which performed a mix of injection molding and thermoforming, to thermoformer Wilbert Inc. of Chicago.
Morton Industrial, a manufacturing supplier to large industrial original equipment manufacturers, reported a profit of $15 million during 2002, down from $15.7 million in 2001.
Its sales decreased to $116.6 million last year from $127.1 million.