Sigma Industries Inc., based in Quebec City, has expanded its plastics composites operations by acquiring Picken's Plastics, a fabricator of fiberglass-reinforced products with two plants in Ohio.
Jefferson, Ohio-based Picken's, with annual sales of about $7.5 million, is Sigma's first U.S. acquisition. Financial terms were not disclosed.
Picken's capabilities include high-tonnage sheet molding. It uses hand layup, spray up, resin infusion, cold forming and compression molding to make products for the transportation, heavy-equipment, chemical, electrical and appliance industries. It also has in-house toolmaking and runs two painting lines - one entirely automated - and two robotic water-jet trimmers.
The company employs a total of 60 at a 115,000-square-foot plant in Jefferson and a 50,000-square-foot site in Ashtabula.
Sigma President and Chief Executive Officer Denis Bertrand said in a March 4 news release that the acquisition brings technological experience, state-of-the-art equipment and a location close to Sigma's target markets. The deal diversifies Sigma's sales and offers opportunity for growth.
Publicly traded Sigma Industries employs about 550 in its six operating subsidiaries. Its markets include transportation, agriculture, light forestry and wind-energy equipment. Sales for its fiscal year ended April 30 were C$83.2 million (US$73.1 million).
Sigma's Faroex Ltd. division, based in Gimli, Manitoba, makes thermoset composites for original equipment manufacturers. Its PNS-Tech division in St.-Agapit, Quebec, makes metal components and systems for agricultural and heavy industrial equipment.
Groupe Synergy Composites Inc. of Chesterville, Quebec, makes composite components for transportation equipment; it is part of the firm's Rene division, a manufacturer of truck and transportation components in St.-Ephrem, Quebec. Sigma's Transcam division also makes composites.
For the second quarter, ended Oct. 27, Sigma's sales were C$19 million (US$19.3 million ), down 27 percent from a year earlier because of a slowdown in the heavy-truck sector.