The owner of Sipco Molding Technologies of Meadville, Pa., is buying another tool-building business and two injection molding operations.
Eric Hoover has agreed to buy Multi-Tool Inc. and Multi-Plastics Inc. of Saegertown, Pa., and Multi-Plastics of New Mexico Inc. in Las Cruces, N.M. Terms of the deal, announced March 30, were not disclosed.
Hoover bought Sipco, a mold builder and injection molder of mainly medical and consumer products, in October. The three businesses to be acquired will fit well with Sipco, according to Hoover's lawyer, Gary Alizzeo, who is based in Meadville. Alizzeo said the purchase should become effective about the middle of April. Hoover and the sellers of the businesses, James Johnston and Victor Camasi Sr., were unavailable for comment March 30.
Multi-Tool was founded in 1974. It designs and builds injection molds for the automotive and electronics industries. Multi-Plastics, dating to 1980, does custom injection molding, mainly for the electronics and consumer industries. Founded in 1998, Multi-Plastics New Mexico expanded in 2003 when it won new consumer products business. It also molds for electronics, medical and other markets. The three businesses being acquired employ about 110.
Alizzeo said in a telephone interview that Hoover also owns Excalibur Machine Co. Inc., a Conneaut Lake, Pa., metal fabricator for railway rolling stock, mining and other heavy industries. Excalibur also builds tools.