MXL acquires Mass. molder AOtec
LANCASTER, PA. - Injection molder and mold maker MXL Industries Inc. of Lancaster has expanded its presence in optical-quality polycarbonate work by purchasing AOtec LLC, an injection molder based in Southbridge, Mass.
No purchase price was disclosed in the deal. MXL employs 50 and is a unit of publicly held GP Strategies Corp. of White Plains, N.Y. AOtec employs 40 and was owned by AO Capital of Greenwich, Conn.
Both MXL and AOtec do a good deal of business in military markets, according to Matthew O'Connell, MXL's vice president of sales.
``The real thing that [AOtec] has going for them that we don't have is an extensive presence in laser eye protection,'' O'Connell said by telephone. ``That's definitely needed in the military market.''
O'Connell described the deal as ``a friendly acquisition.''
MXL's products include motorcycle shields, gas-mask goggles and fighter-pilot eyepieces. AOtec also does vacuum coating. The two companies had an existing business relationship, as MXL had subcontracted some thin-film coating work to AOtec.
O'Connell said MXL intends to keep employee totals intact at AOtec. MXL also is considering shifting some commodity molding work from its Downers Grove, Ill., site to the AOtec site in Southbridge. MXL also builds molds in Downers Grove.
Neither firm disclosed annual sales totals. MXL's parent company - GP Strategies - lost $5 million last year on sales of $152 million.
The deal is expected to close Sept. 15.
New Bedford falls on hard times, closes
NEW BEDFORD, MASS. - New Bedford Plastic Bag Co. closed its doors Aug. 29 and laid off its 30 employees, according to a story in the New Bedford Standard-Times.
Difficult business conditions and overseas competition were blamed for the company's demise, said treasurer Deborah Ehrens of the New Bedford company. Ehrens did not return several telephone calls from Plastics News, but she told the local newspaper that growing bag imports from China harmed the business.
The company made linear low and high density polyethylene bags for a variety of food applications and also produced zipper bags, die-cut handle bags and film roll stock. The company also made custom liners for packing containers.
Workers were laid off Aug. 29, but company officials remained to manage the shutdown of the operation.
Lolli buys Mass. injection molder Saga
LEOMINSTER, MASS. - Lolli Manufacturing Inc., a tool and die maker in Leominster, has broadened its product mix by purchasing injection molder Saga Sales & Engineering Corp. of Southbridge, Mass.
Lolli owner Eric Yantz plans to transfer the Saga business to Leominster by the end of September. Two or three injection molding machines will be moved from Southbridge to Leominster. All nine Saga employees have been offered positions in Leominster as well, Yantz said by telephone.
Saga was purchased from A&M Tool & Die of Southbridge, which opted to stop producing the optical lenses and telecommunication parts that Saga made. No purchase price was disclosed.
Lolli also operates injection molder Delta Molding at its 20,000-square-foot Leominster site. Delta runs 10 injection molding machines and produces various parts for consumer and industrial markets. Together Lolli and Delta employ a total of 30.
Yantz said his firm will build a white room facility by the end of September to accommodate the Saga product line. The addition will boost Lolli's annual sales close to the $4 million mark and also will lead Yantz to seek a new site in the Leominster area for the larger business. Yantz said he hopes to have a new location lined up by mid-2004.
Yantz added that he's looking to grow his business by acquiring smaller injection molders in the New England area.
``There are opportunities out there to grow in certain product areas,'' said Yantz, who spent eight years at injection molding giant Nypro Inc. in Clinton, Mass., before buying Lolli in 2000.