Cosmo Corp. is in the midst of a two-prong expansion in precision molded parts for electrical and other markets.
The Cleveland firm recently broke ground on a 110,000-square-foot plant in Tianjin, China. The molding, assembly and tool-building operation, a $12 million investment, should begin operating in early 2007, said Cosmo spokeswoman Erin Linville. Cosmo has had a design center and support office in Tianjin since 2004.
In the United States, Cosmo acquired bobbin injection molder Plastron of Pharr, Texas, on Feb. 13 from a Texas investment group for undisclosed terms. The acquisition included an associated assembly operation across the border in Reynosa, Mexico.
Former owner Summa Industries relocated Plastron Industries Inc. last year from Bensenville, Ill. The move upgraded operations to a bank of 34 robot-assisted injection molding machines using new coil bobbin technology in a 40,000-square-foot building.
Summa sold most of its Plastron business to the Texas investment group last fall. The group named its business Plastron Manufacturing LLC. Cosmo bought Plastron Manufacturing from that group, along with related assets under Plastron Industries Inc., minus real estate, from Summa.
``Plastron's cross-border operations fit nicely with our global expansion and integration plans,'' Cosmo President Marc Gordon said in a news release.
Plastron Chief Executive Officer John Cairo said, ``Cosmo's 60-year track record, strong balance sheet and reputation as the global leader in our industry make the deal an attractive one for Plastron stakeholders, especially Plastron customers.''
Cosmo's U.S. production plants, in Cleveland and Wilmot, Ohio, have a total of 150,000 square feet of space, 107 injection presses and a 15,000-square-foot tool-building operation. Cosmo employed more than 300 prior to its acquisitions. Plastron employs about 100, Linville said.
Privately held Cosmo focuses on precision parts and thin-wall components for electrical, electronics and other industries.