Injection molder Hematite Manufacturing Inc. has a new name, a new focus and a new sole owner.
Ted Henecke, who has held a 55 percent share in the newly renamed IEM Plastics Inc. since July 2001, purchased the remaining 45 percent from Pavaco Plastics Inc. of Guelph, Ontario, for an undisclosed amount Feb. 20.
IEM has about $6 million in annual sales, the bulk of it directly to North American automakers. Henecke said he is seeking out acquisitions to add to the Wixom-based firm's overall business capabilities to ensure its long-term health.
``We're looking to stay competitive, to keep costs down,'' Henecke said.
IEM has 45 employees and operates 14 presses ranging in size from 75-1,000 tons. When Henecke first bought into the company nearly three years ago, the company specialized in making acoustic sound dampening components for the auto industry.
Henecke aimed for more visible exposure, shifting the firm toward producing interior and exterior trim components requiring additional aesthetic qualities.
``We brought in another culture, got it into producing parts with a Class A surface and working with more materials,'' he said.
IEM turns out armrests and hood scoops in addition to the water management and acoustic components the former Hematite made.