Commercial Vehicle acquires Cabarrus
NEW ALBANY, OHIO - Commercial Vehicle Group Inc. has acquired an injection molder to support its growth in plastic parts.
The New Albany-based public company bought Cabarrus Plastics Inc. of Concord, N.C., for about $12.1 million cash. Cabarrus had 2004 sales of about $13 million, mainly in parts for recreational vehicles.
``This acquisition represents a continued investment in processing technology for custom injection molded products,'' said Commercial Vehicle President and Chief Executive Officer Mervin Dunn. ``Our customers have recognized our intent to grow the hard plastics portion of our business and have awarded new business that will be produced by [Cabarrus] next year,'' Dunn said in an Aug. 8 news release.
Commercial Vehicle expects Cabarrus' sales will grow to $16 million this year, with operating profit of about $400,000.
Commercial Vehicle makes seat systems, cab structures, wiring harness systems, trim, controls and other components for heavy vehicles, and for the agriculture, construction, marine and military markets. Sales for its six months ended June 30 were $348.5 million.
TricorBraun buys mold maker Cal-West
ST. LOUIS - Rigid packaging developer and distributor TricorBraun has diversified into blow mold manufacturing with the purchase of Cal-West Tool & Mold of Lake Elsinore, Calif.
Cal-West's former owner, Rich Viola, will stay on as head of day-to-day engineering operations for TricorBraun. The purchase was finalized Aug. 1. Terms were not disclosed.
St. Louis-based TricorBraun markets blow molded containers, closures and glass bottles, plus some fiber cans and metal containers. The private firm employs about 360.
The Cal-West acquisition will help TricorBraun speed up design and engineering services, said TricorBraun President and Chief Executive Officer Keith Strope in a news release. TricorBraun Executive Vice President Craig Sawicki will be responsible for integrated design and engineering in the newly created Design & Engineering Group.
TricorBraun is majority owned by AEA Investors LLC of New York. AEA recently bought Pactiv Corp.'s protective and flexible packaging operations.
Silver Line adds second plant at N.C. site
NORTH BRUNSWICK N.J. - Silver Line Building Products Corp. of North Brunswick is adding space in Durham, N.C., with the purchase of a second building there.
The profile extruder bought a 200,000-square-foot plant in Durham, a building formerly occupied by IBM Corp., according to an Aug. 5 report in the Triangle Business Journal.
Officials at Silver Line did not return a call seeking comment.
The firm in January announced the purchase of a 422,000-square-foot building in Durham, which it plans to equip with 20 extrusion lines over three years. According to the latest news report, Silver Line paid $4.8 million for the new building, which is adjacent to the first. The firm has been on an aggressive expansion track under President Kenneth Silverman.
According to its Web site, Silver Line plans to convert a distribution facility near Dallas to a plant that will begin producing stock and custom-made vinyl replacement windows by January.
Roth plans North American production
NORTH KINGSTOWN, R.I. - Heating equipment manufacturer Roth Industries Inc. plans to set up its first North American manufacturing plant, in Watertown, N.Y.
Roth of North Kingstown intends to make double-wall fuel oil storage tanks in Watertown, Chief Executive Officer Jochen Drewniok said in a telephone interview. The tanks contain a blow molded high density polyethylene inner tank surrounded by a steel outer shell. The most common tank size is 275 gallons for residential use. Eventually Roth will make other heating products at Watertown, Drewniok said.
German parent Roth Industries GmbH & Co. KG, of Am Seerain, extrudes cross-linked PE pipe for hydronic heating systems, snow and ice melting systems and household plumbing.
Roth agreed to invest about $9 million in the Watertown project. It includes buying an existing, 20,000-square-foot building in the Watertown City Center Industrial Park and expanding it by 9,000 square feet. About 20 jobs will be created. Drewniok said he expects to finalize the building purchase by late August.