China's Minth Group Ltd. has become the sole owner of Dayton, Ohio-based profile extruder and injection molder Plastic Trim International Inc.
In a June 30 filing with the Hong Kong Stock Exchange, Minth said its indirect wholly-owned subsidiary Enboma Investments Ltd. agreed on June 27 to buy the remaining PTI share (4.19 percent) from Huge Leader Investments Ltd.
Enboma is paying $450,000 for the deal. Huge has been a PTI shareholder since 2007.
In March, Enboma announced plans to buy out Sojitz Corp.'s share (45.99 percent) in PTI.
Ranked 41st in Plastics News' most recent survey of North American pipe, profile and tubing extruders, PTI makes PVC and thermoplastic elastomer profiles for the automotive industry and had estimated annual sales of $90 million. The company reported 11 extrusion lines at two plants in North America.
Minth, Sojitz and Huge Leader bought Beavercreek, Ohio-based Plastic Trim LLC from Bill Mercurio in April 2007. The buyers paid $8.7 million for the company, which they renamed Plastic Trim International.
At the time, Minth said it was an important milestone in its global business development and improve its international business strengths.