Injection molder Genesis Plastics & Engineering LLC has added mold making and a wider customer base through its acquisition of Kellems & Coe Tool Corp.
About 60 percent of Scottsburg, Ind.-based Genesis' business is for automotive customers, and with that industry turning to internationally produced tools, President and Chief Executive Officer Jim Gladden said he wanted to add tooling to his firm's capabilities.
At the same time, Kellems & Coe of Jeffersonville, Ind., had its own injection molding unit with six presses making parts for home appliances, sporting goods and other end markets Genesis does not serve currently, Gladden said in a June 11 telephone interview.
The deal closed June 14 for an undisclosed amount.
The addition of Kellems & Coe - now operating under the name of Genesis Plastics Solutions LLC - gives Genesis more flexibility, he said.
Genesis still will work with outside toolmakers, but with the new expertise, it can produce its own molds, do its own repairs to molds or fine-tune molds that are produced overseas, Gladden said.
Genesis has retained all of Kellems & Coe's 45 employees. Their addition boosts the company's overall workforce to 180.
The firm also is growing at its Scottsburg home. Genesis currently has 24 presses making parts for the business equipment and auto industries in North America and exports to Europe and China. Gladden expects to add three presses within the next few months.