BAXTER, MINN. (May 11, 2 p.m. ET) — Thermoformer Lindar Corp. has purchased neighbor and rotational mold maker Lakeland Mold Co.
Lindar, based in Baxter, Minn., acquired the company May 10 for undisclosed terms. Lakeland is located in Brainerd, Minn., about 5 miles from Baxter.
Lakeland will continue to operate out of its 50,000-square-foot facility and will retain its 75 employees. The transition will be seamless for both employees and customers, said John Newhouse, president of Lakeland, in a phone interview.
“We will remain deeply imbedded in the Brainerd area,” he said.
The acquisition opens up the possibility of synergy between the two companies, Newhouse said. Lakeland offers some services that Lindar had previously outsourced, and the two companies will be able to share people and talent across boundaries.
Since the acquisition is a local investment, it ensures both businesses will stay in the region, a selling point for both parties, Newhouse said.
Lakeland, a manufacturer of custom molds and computer numerically controlled equipment, was founded by Dan and Pat Shulist in 1988. The couple exited the business about 10 years ago and since then Newhouse has been acting on their behalf to find “right outcome.”
“I'm hopeful we've obtained that,” he added.
Dan Schulist died in 2009 and Pat Schulist became more compelled to find the right exit strategy, contacting the Brainerd Lakes Area Economic Development Corp. for help in finding a local buyer, Newhouse said.
Newhouse, who was appointed president in 1999, said he will retire at the end of the year, but plans to oversee the transition and remain with the company in an advisory position.