About two weeks after local government officials said the firm was shutting down, plastic cutlery and straw producer Jet Plastica Industries Inc. has been sold.
D&W Fine Pack LLC of Fountain Inn., S.C., said April 19 it is buying Jet Plastica and will keep open both of the company's plants, in Hatfield, Pa., and Fowler, Calif.
Terms were not disclosed.
Hatfield-based Jet Plastica said in March that it planned to close by June 30.
“We don't know why they decided to close,” said Clay Davis, D&W vice president of sales and marketing, in a phone interview. “After their announcement we came to closure on the purchase.
“There is great synergy between the companies,” added Davis. “It brings additional production capacity and new customers. We see a lot of opportunity in the market.”
D&W now has 11 manufacturing plants and a distribution facility in Colton, Calif. The company last expanded in November when it bought CM Packaging Group. The purchase boosted its annual sales to nearly $400 million, including about $310 million from thermoforming.
Plastics News' most recent estimate put Jet Plastica's total sales for 2010 at $130 million, including $88 million from injection molding.
D&W said it plans to continue operations at both of the acquired plants.
The Fresno Bee in California reported recently that the Fowler operation employs more than 100 and makes plastic straws. Jet's website said the firm also makes cutlery, stirrers and dining kits.
Jet mainly processes polystyrene and polypropylene.
D&W is one of the largest food-service products packaging companies in North America. It is owned by private investment firm Mid Oaks Investments LLC of Buffalo Grove, Ill.