Custom injection molder Bright Plastics Inc. is acquiring most of the assets of Asheboro Mold & Design Inc. and hiring its founder, Fred Davis, to enhance its mold-making and repair expertise.
``Asheboro was a supplier [to Bright Plastics], as are a number of mold shops. We buy from a lot of different places,'' said Steve Bright, president of Greensboro, N.C.-based Bright Plastics.
He said Bright Plastics will continue to buy molds from outside sources, but that having a mold-making and repair area on-site is beneficial for its customers.
The purchase price was not disclosed. The company did not buy the building Asheboro was housed in, but instead cleared space in-house to accommodate a mold-repair area.
Asheboro Mold had three employees, but only Davis is making the 25-mile move to work for Bright. Davis started the company in 1981 to provide injection molds to the small-appliance, power tool, medical and electrical component industries.
For Bright Plastics, it is a busy time, as the company also plans to build a 20,000-square-foot addition to its current home. Work is scheduled to start in the first quarter of 2008.
The plan, according to Steve Bright, is to move three large injection molding presses into the new space, where they can be served by a bridge crane. The large presses are 1,000 tons and larger.
Bright Plastics employs 80 and operates 23 presses. It is currently in a 67,000-square-foot facility and leases another 10,000 square feet of space nearby.
Steve Bright started Bright Plastics in 1988. Since then, Kirk Sparks and Joe Vest have joined on as partners.
Bright Plastics customers include medical, electrical controls, aerospace, government, industrial and consumer products companies.
The company moved to its current location in August 2005, when a local airport authority knocked down the former site to build a new runway.