Rotational Molding Inc., a new company owned by two former executives of Rotonics Manufacturing Inc., has purchased Rotonics' former headquarters plant in Gardena, Calif., in a deal set up by Sherman McKinniss.
Rotational Molding announced the deal Dec. 1. Terms were not disclosed.
The new company is headed by Mario Poma, president and CEO, and Douglas Russell, chief financial officer, who both have more than 20 years of experience in rotomolding.
The founder of Rotonics, McKinniss sold the company in 2001 to Spell Capital LLC. On Nov. 12, Spell announced it was closing the Gardena plant.
McKinniss said Rotonics officials contacted him about finding a possible buyer, and he connected them with Poma and Russell. McKinniss said he has no ownership stake in Rotational Molding Inc. and is retired from the industry. All I ever did was [in] an advisory capacity, he said.
Poma had been general manager of the Gardena plant. Russell was the former CFO of Rotonics, prior to the Spell buyout.
Poma said the plant was shut down for only one day. It has been in production under ownership of Rotational Molding since Dec. 1. Rotational Molding will continue the operations in Gardena, with full retention of the current customer base, he said.
The Gardena plant employs about 70 people and runs nine rotomolding machines.
The company will do custom molding and make proprietary products serving the laundry and linen, refuse and materials-handling markets.
Earlier, Spell Capital had moved Rotonics' headquarters from Gardena to Commerce City, Colo.