The father-son team of Sunil and Jay Kumar has acquired industrial thermoformer Universal Plastics Corp. from the Peters family.
Holyoke, Mass.-based Universal Plastics announced the deal June 13, the day after it was finalized. Terms were not disclosed. The company emphasized that the Kumars will be on-site managers.
“As a second-generation family business we are excited that ownership is being transferred to another family who plans to manage the business on-site and grow the specialty plastics business,” President Joe Peters said in a news release.
“The Kumars have both the manufacturing experience and financial wherewithal to grow the business. We are excited for them, and my brother Mike and I plan to do all we can to make the transition successful.”
Peters said in a telephone interview that it was premature to discuss specific expansion plans. But the company would like to open new markets and possibly get into other processes four to six months down the road.
“[The Kumars] are new to thermoforming,” Peters said.
Peters' father, James Peters, founded the company in 1966 in Chicopee, Mass. The firm moved to Holyoke in 2003. Members of the Peters family have been active in the company, as well as in the Society of Plastics Engineers' Thermoforming Division.
Joe Peters estimates sales for the year ending Aug. 31 will be about $10 million. The firm runs 15 thermoforming lines and employs 70.
Universal makes custom containers, protective covers and enclosures for customers including Pratt & Whitney, General Electric and BE Aerospace.
According to Universal, the new owners plan to keep senior management in place. Peters will be CEO. Jay Kumar will be president and Sunil Kumar will be chairman, according to Peters.
Sunil Kumar previously worked as president and CEO of International Specialty Products and GAF Materials Corp., and as executive vice president at Bridgestone/ Firestone. Jay Kumar is a graduate of Cornell University and has worked in the investment sector, most recently as managing principal at Paon LLC.
“My son and I have been exploring acquiring a manufacturing company and found Universal to have a unique product line and great reputation within their industry. We think there is a great opportunity for us to grow the company going forward,” Sunil Kumar said in a news release.