UPDATED — Engineering resins compounder RTP Co. has acquired most of the assets of Alloy Polymers, a toll compounder based in Richmond, Va.
In a Dec. 10 news release, officials with RTP in Winona, Minn., said the firm has acquired Alloy's plant in Richmond and its two plants in Texas — one in Crockett and the other in Orange. RTP previously had acquired RTP's plant in Gahanna, Ohio.
Alloy will continue to be run as a separate business within RTP, and will be led by longtime RTP executive Peter Ploumidis.
RTP bought Alloy's Gahanna plant in June because it had "an immediate need" for that facility, Ploumidis said in a Dec. 11 phone interview. The four plants employ a total of almost 160. RTP plans to continue to operate all four plants.
"We had done contract manufacturing on a smaller scale for a number of years," Ploumidis said. "This acquisition is a way for us to grow our good relationships with the major resin companies."
Kamini Pahuja will remain with the firm as a consultant for a period of time. She also will retain ownership of a compounding plant that Alloy opened in Pune, India, in 2011.
Looking ahead, Ploumidis said that RTP's objective "is to continue to grow organically while looking for more acquisitions."
Alloy operates more than 500 million pounds of annual capacity. The acquisition “demonstrates RTP Co.'s commitment to provide customers with the widest selection of compounding solutions,” President and CEO Hugh Miller added in the release.
RTP ranks as one of North America's 30 largest compounders and concentrate makers. The firm operates 17 plants worldwide, making compounds based on 60 different engineering resins.
Alloy was founded in 1982 by compounding veteran Subhash Pahuja. Pahuja's wife Kamini joined the firm in 1990 and became the firm's chairman after her husband died in 2007.
Financial firm Cary Street Partners LLC assisted Alloy in the transaction.