Precision automotive molder Prism Plastics Inc. has been sold to a subsidiary of Marmon Engineered Components Co., according to an announcement from Altus Capital Partners, the investment firm that had owned Chesterfield, Mich.-headquartered Prism along with its founders since June 2014.
Marmon is an affiliate of Berkshire Hathaway Inc., the publicly traded conglomerate headed by Warren Buffett.
Under Altus ownership Prism has undertaken several growth initiatives, including the June 2016 acquisition of Tech Molded Plastics Inc. of Meadville, Pa. That move doubled Prism's size and added in-house toolmaking capabilities.
In addition to that facility and its Chesterfield headquarters, Prism has manufacturing operations in Port Huron, Mich., and Harlingen, Texas.
Marmon Engineered Components Co. is a company of Marmon Holdings Inc., part of Berkshire Hathaway, that spans the business sectors of distribution services; industrial products; and tubing, fittings and wire products, of which Prism will be a part. Rodney Bricker will continue to lead Prism as president.
Omaha-based Berkshire Hathaway bought Marmon in 2008. At the time, Marmon already had plastics holdings, including fastener makers Nylok Corp. of Macomb, Mich., and Nylok Canada Inc. of Brampton, Ontario; as well as several units that make polymer-insulated wire and cable products.
Terms of the Prism deal were not disclosed.
Prism, which was a Plastics News Processor of the Year finalist in 2014, had estimated 2015 sales of $37 million according to PN's most recent survey of North American injection molders. That total did not include Tech Molded Plastics, which won the PN Processor of the Year award in 2013, and had estimated 2015 injection molding sales of $18 million.
