A Brownsville, Texas, injection molder has a new owner and hopes for new growth.
Leggett & Platt Inc. announced the purchase of Unique Molded Products Oct. 17 for an undisclosed amount. The molder retains its existing management team, while tapping into the sales expertise available within Leggett & Platt.
``It's going to give us a lot more opportunities,'' said Bob Redfern, a former partner with Unique Molded Products and president under L&P, during an Oct. 30 telephone interview.
Carthage, Mo.-based Leggett & Platt owns other injection molding facilities through its L&P Plastics Group, but the bulk of its $4.2 billion in sales involves the manufacture of metal components, including springs used in bedding and home furniture. It lists about $50 million in sales from its plastics division.
UMP, which opened in 1991, primarily is a Tier 2 automotive and electronics supplier. It has 27 presses ranging in size from 40-700 tons and about 100 employees working on a three-shift, five-day rotation. It also operates in-house assembly and pad-printing operations.
Leggett & Platt has limited exposure to the auto industry, listing about 8 percent of overall sales to automakers and specialty machinery producers, including coils made for vehicle seating.
The new facility - across the Rio Grande River from Matamoros, Mexico - will allow Leggett & Platt to tap into production capacity in the southwestern United States and northern Mexico.
``We also anticipate that [UMP's] customer base will diversify as we grow their business with companies in this area,'' L&P noted in a written statement.
The new owner already has brought new sales experts on board to seek new business for the company. There are no immediate plans for growth, Redfern said, but that could change as the new relationship solidifies.