Hong Kong-based mold maker and plastics processor TK Group (Holdings) Ltd. has made it official: it's acquiring a mold making plant in Shenzhen, China, from Nypro Tool, a unit of global contract manufacturer Jabil Inc.
TK told the Hong Kong Stock Exchange Oct. 31 that it was buying the former Nypro Tool facility in Shenzhen, after disclosing to regulators in mid-September that it was planning to buy a tooling operation there from an unidentified multinational company.
The address provided by TK in that September filing matched that a Nypro Tool operation in the Longgang District of Shenzhen, although TK at the time declined to confirm it was the Nypro operation. Jabil acquired the Shenzhen facility when it bought Clinton, Mass.-based Nypro Inc. in 2013.
TK said it was purchasing the plant to handle increased demand.
It told the Hong Kong market that revenues in its mold making unit rose 31 percent to HK$ 230.2 million ($29.7 million) in the first half of the year, driven by increasing component sales in mobile devices, electronics, medical devices and the automotive industry.