In a deal involving two major U.S. extrusion machinery manufacturers, Davis-Standard LLC has purchased Gloucester Engineering Co.
Pawcatuck, Conn.-based Davis-Standard LLC said the deal will strengthen its capabilities in the blown film extrusion sector of the business, by adding experienced design and process engineering capabilities, a large installed base and greater aftermarket capabilities worldwide.
“We're excited about combining the strengths and market reach of Davis-Standard and Gloucester,” said Jim Murphy, Davis-Standard president and CEO, in a news release. “Gloucester has always been a strong company, so bringing their technology and engineering expertise to our operation is significant for our combined customer base. It also supports our ongoing goal of continuing to provide equipment and service that improves process efficiency and profitability.”
Terms of the deal were not disclosed. Both companies have been owned by private equity firms. Davis-Standard is buying Gloucester from Blue Wolf Capital Partners LLC, which has owned the 54-year-old Gloucester, Mass., company since 2011.
Carl Johnson, vice president of sales at Gloucester Engineering, said in the release that both companies have a reputation for “strong people and strong brands.
“This is going to be a game changer in the global blown film market. We look forward to delivering the very best the industry has to offer,” Johnson said.
Davis-Standard employs about 860 and has plants in Pawcatuck; Fulton, N.Y.; Suzhou, China, and Erkrath, Germany.
Private equity firm Oncap, part of Toronto-based Onex Corp., bought Davis-Standard in 2011.
Ernie Plasse, Davis-Standard's executive vice president, will lead Gloucester's integration into Davis-Standard.
The deal adds yet another major plastics machinery brand to Onex's portfolio. In addition to Davis-Standard, Onex already owns Munich, Germany-based KraussMaffei Group GmbH, which sells KraussMaffei and Netstal injection molding machines, plus KraussMaffei Berstorff extruders and KraussMaffei reaction injection molding equipment.
Onex owned Husky Injection Molding Systems Ltd. for almost four years before selling it to Berkshire Partners LLC in 2011.
