After a strategic 18-month search, Seattle-based injection molder Vaupell Holdings Inc. has acquired Russell Plastics Technology Co. Inc. of Lindenhurst, N.Y. for an undisclosed amount.
The deal closed June 3, Vaupell CEO Joe Jahn said in a June 9 telephone interview.
Russell specializes in composite products and assemblies for aerospace, military, industrial and commercial markets. The facility in Lindenhurst has 4,640 square feet of space dedicated to environmentally controlled lay-up areas. In molding capacity, the firm has about 19 presses that include Emmco 750-ton and Watson-Stillman 680-ton laminating presses.
Vaupell will use Russell's capabilities to enhance its work in medical, aerospace and defense markets.
“Vaupell had been pursuing the right candidate in high structural composites for over 18 months so this was an extremely strategic acquisition to find someone who had a good base in structural composite molding and layups,” Jahn said.
Vaupell also looks at Russell as a critical move to add composite capability to its portfolio. Officials want to offer lightweighting in metal-to-plastics applications. Vaupell also is capitalizing on the opportunity to grow in the rotary wing aircraft industry.
“As we see composites move increasingly into the commercial sector of aerospace, we believe we'll be well-positioned for meeting the needs of our customers,” Jahn said.
Russell has 136 employees. It has been management-owned since 1997.
President Al Bozza is to stay in that position and will join the board at Vaupell. Russell will continue doing business under its name, operating as a Vaupell subsidiary.
“Management is intact,” Jahn said. “We have done a long-term lease-back of the facility so we have no intention whatsoever of moving the operation or consolidating. We are focused on integrating the capabilities and the applications that Russell has done for the past 50 years and being able to grow businesses together.”
Vaupell also has been focusing on its own organic growth. In December, the firm installed its first Sodick Plustech press. Also, it is in the process of adding a 720-ton press at its Agawam, Mass., plant and recently added an all-electric, 500-ton Niigata at its Seattle facility and an 85-ton Engel to its site in Sanger, Texas.
“We are continuing to invest in operations across the country,” Jahn said. “We're very fortunate we're doing well at a time when so many in the industry are not. We've worked very hard these last years to be in a position where we do see growth.”
H.I.G. Capital LLC of Miami is Vaupell's parent company. It also operates molding sites in Hudson, N.H., and Shenzhen, China.