A private equity firm has combined three of Titan Plastics Group Corp.'s plants and three other businesses into the newly created Revere Industries LLC in Indianapolis. The operations are spread out over 15 locations.
Charter Oak Capital Partners LP of Westport, Conn., made the changes Dec. 19. Charter Oak has 10 companies in its investment portfolio.
In conjunction with the new Revere headquarters, ``the four companies will continue to operate, bringing synergies'' across some common customers, said A. Elliott Archer, Revere president and chief executive officer. Revere will consolidate insurance and payroll functions for the businesses.
Archer said Mike Leitert, president of the Titan Plastics Midwest division and a vice president of Revere, will manage the plastics processing operations in Clyde, Ohio; Brampton, Ontario; and Guangdong, China. Leitert is based in Clyde, where an expansion of molding capacity will supply more Whirlpool Corp. programs.
Greg Botner, president and CEO of Portage, Mich.-based injection molder Titan Plastics Group, was named a member of the Revere board.
Other Revere divisions are Metal Powder Products Co. of Westfield, Ind.; Ross Aluminum Foundries LLC of Sidney, Ohio; and Revere Rolled Aluminum LLC of Clayton, N.J., which, in addition to aluminum products, vacuum forms polystyrene and PET containers for food packaging. Revere Rolled Aluminum was formed in 2000 from the Ekco Metal Products and Revere Packaging divisions of Pactiv Inc. of Lake Forest, Ill.
For all Revere Industries operations, Archer projects 2006 sales of $346 million. Employment totals about 1,700 for domestic operations and more than 300 in China and at a new Ross operation in Chennai, India.
Revere Industries intends to target niche markets needing hard-to-make parts that require engineering skills. ``We do not go after long-run, easy-to-make products,'' Archer said.
Outside Revere Industries' scope, ongoing operations of Titan Plastics Group include sites in Charlotte, Mich.; Poplar Bluff, Mo.; and McAllen, Texas.
As previously reported, Titan intends to close a Brea, Calif., plant Jan. 30. Titan shuttered operations in Monterrey, Mexico, in April; in El Paso, Texas, in 2004; and in Stevensville, Mich., in 2003.