Custom injection molder First Plastics Corp. of Leominster, Mass., has acquired the assets of U.S. Specialty Packaging Corp., a producer of 5-gallon pails and containers also based in Leominster.
First Plastics finalized the deal in mid-June after a sealed-bid auction. U.S. Specialty had been in business eight years, making containers for paint, plaster, sealer, oil and food. Operating from a leased site, U.S. Specialty had 25-30 employees at its peak, First Plastics President Ed Mazzaferro said in an Aug. 11 telephone interview.
First Plastics is finalizing details of a plant expansion to accommodate its own growth and two machines gained with the acquisition.
``This acquisition moves us further along in our continued expansion into the commercial and industrial markets,'' Mazzaferro said.
The markets are dominated by large producers and end users, making the container industry very competitive, with a unique set of challenges, he said. First Plastics will concentrate on the East Coast.
U.S. Specialty could not sustain adequate production to meet the market demands, he said.
``This just seemed a good opportunity to grow, possibly to multiple plants,'' Mazzaferro said.
First Plastics' injection molding machinery stable grew to 20 machines with the addition of the 880- and 660-ton Husky presses. It will add 16-20 employees, including some from U.S. Specialty Packaging.
The firm will establish a division to handle marketing and distribution that will operate out of First Plastics offices.
The Mazzaferro family started First Plastics about 50 years ago, making hair brushes and combs, coat hangers and consumer products. Now its end markets include construction, extreme sports and medical. It acquired a 20,000-square-foot warehouse in 2003. Just a few weeks ago, officials added three more silos for a total of eight.
``One of our goals is to maintain manufacturing in the United States,'' Mazzaferro said. ``We continually invest in the technologies and equipment that will keep us competitive. The objective is not the elimination of labor, but rather increases in productivity.''