Canadian injection molder Polymer Technologies Inc. has merged with Illinois molder and metal stamper Plainfield Cos. Inc. to create a company with production specialties in four countries.
The move, announced Oct. 19, unites two firms that specialize in insert molding of high-precision electronic parts for the auto industry.
Terms were not disclosed. Polymer Technologies Chief Executive Officer John Bell is chairman of the combined firms, Greg Conrad of Plainfield is president and CEO, and Polymer's Michael Ritchie is chief operating officer.
The companies have not announced if their names will change or where the combined firms will be based. Polymer Technologies is in Cambridge, Ontario, and Plainfield is in Plainfield, Ill. The companies also make parts for the medical and electronic industries.
Together the companies have seven factories, including Polymer's new plant in San Luis Potos¡, Mexico, which opened early this year, and a new Plainfield site opening in December in Guangdong, China.
``It's a perfect fit,'' said Mike Benson, managing director for Stout Risius Ross Advisors LLC, which worked as the investment banker for Plainfield. ``Plainfield didn't have anything in Mexico and Polymer didn't have anything in China. They're diversified geographically and in their customer base.''
Plainfield has two plants in Plainfield, one in Sturgeon Bay, Wis., and one in El Paso, Texas, which join with the Polymer Technologies sites in Cambridge and Mexico.
Because Plainfield has its own metal-stamping capabilities, Polymer facilities will be able to tap into expertise and supplies now produced in-house rather than relying solely on outside suppliers, Benson said.