Blow mold builder Ryka Molds Inc. will re-emphasize industrial, automotive and general packaging markets under new ownership.
Two executives of the Mississauga firm bought it Nov. 5 from SIG Group of Neuhausen Rhine Falls, Switzerland.
Terms were not disclosed.
Ryka President Rick Hanke and partner Alfie Stein, vice president and chief financial officer, want to stamp out any confusion that Ryka has been drifting into a PET beverage mold bias, Hanke said in a telephone interview.
SIG acquired Ryka two years ago, renamed it SIG Ryka Inc., and began to favor beverage molds business for the Ryka operation.
Earlier this year, SIG sold nonbeverage bottle assets, including its Kautex GmbH subsidiary, which is focused on automotive and technical molding, and its Blowtec GmbH business, a machinery maker for extrusion blow molding of polyethylene bottles.
Hanke said SIG's strategy created questions among non-PET mold customers of how serious SIG Ryka was about their business.
He said he wants to allay their concerns.