Three employees will buy plastics equipment dealer Stopol Inc. and its auction business, Stopol Auctions LLC, the company announced June 11.
The deal is expected to close in late June. Terms were undisclosed.
Stopol employees Donald Kruschke, John Muzyczka and Scott Mihalic have agreed in principle to acquire the company and operate it as four independent business units, covering thermoforming, extrusion, injection molding and auctions.
Stopol owner and CEO Neil Kruschke Jr. is selling the company to focus on his real estate ventures and other business interests. Neil and Donald are brothers.
Under the proposed new structure, Donald Kruschke, who currently serves as Stopol's executive vice president, will oversee the thermoforming and extrusion business units. He will be joined by longtime Stopol veterans Bud Hoffmann and Todd Harrell.
Muzyczka, who is an account executive for injection presses, will operate the injection molding business. Mihalic, the company's auctioneer, will lead the auction services unit.
Once the deal closes, all four businesses will continue to market and sell used plastics equipment and offer liquidation, auction and appraisal services.
The planned ownership change will not interrupt service to Stopol customers, the firm said.
This new structure makes us more flexible and will enhance what we can provide to our customers, Muzyczka said. A new, decentralized structure will allow us to be more responsive and reduce our operating expenses. He added that Stopol intends to pass those savings on to customers.