Accurate Molded Plastics of Coeur d'Alene, Idaho, and Mold-Rite Inc. of Woodinville, Wash., merged their mold design and building and injection molding businesses June 1.
Now the operations, under the new holding company Sound-Rite Plastics Inc., employ 230 including 10 mold makers and operate 45 injection molding machines with clamping forces of 28 to 1,450 tons.
Total sales for 2016 are projected to exceed $30 million with medical and fitness as the key niches.
AMP and Mold-Rite have two common customers. “Both customers reacted positively to have a potential backup situation and not worry about [production] capacity,” Dale Meyer, the companies' CEO, said in an interview. “We can move molds back and forth [between AMP and Mold-Rite]. Each company has a set of skills so we can cross-train and learn from each other. Both plants are critically important to us.”
Meyer noted that AMP's and Mold-Rite's philosophies are very similar. “We have both invested in state-of-the-art equipment and have perfected our approach in order to handle complex jobs with demanding lead times,” he said in a statement.
Meyer's wife, Janeanne Upp, is co-owner of Sound-Rite and the businesses' chief financial officer.
Sound-Rite President William Wright is responsible for all sales.
AMP focuses on short-run highly technical projects for the medical, aerospace, electronics and fitness industries, and Mold-Rite serves the fitness, aerospace, transportation and medical markets. Both are custom molders.
AMP occupies 60,000 square feet, and Mold-Rite has 18,000 square feet.
Investment banking firm Meridian Capital LLC of Seattle said that Sound-Rite Plastics acquired Mold-Rite, a Meridian client, from long-time owner Gernot Hilse and his wife, Karin. Terms were not disclosed.
Mold-Rite was founded in 1978. The Hilses have operated Mold-Rite almost since its inception.
Meyer has owned AMP since 2003.