An affiliate of Atek Cos. has purchased Delano, Minn.-based rotational molder Solar Plastics Inc.
Solar Plastics LLC, a newly created entity affiliated with Atek, announced the deal Dec. 12. The company is buying the assets and certain liabilities of Solar Plastics, including factories in Delano and Davenport, Iowa.
All employees were retained.
According to Plastics News' ranking of rotational molders, Solar Plastics had 2016 sales of $30 million, employs 200 and runs 15 rotomolding machines. Solar is the 18th largest rotomolder in North America.
Chuck Carlsen founded Solar. His sons, Ted Carlson and Rick Carlsen, are president and vice president of sales, respectively. Terms of the deal were not disclosed.
Atek, a group of industrial companies based in Eden Prairie, Minn., has operated injection molding and blow molding companies, the company said in a news release announcing the purchase of Solar Plastics.
An Atek affiliate bought an injection molding business in Kerrville, Texas, in 1995, and changed the name to Atek Plastics, building it into a fast-growing medical molder. Atek Plastics was a finalist for Plastics News' Processor of the Year Award in 2010. Atek sold that business in 2011.
"Atek is very excited with the addition of Solar Plastics LLC to the Atek portfolio of companies," Mark Osmanski, CEO and part owner of Solar Plastics LLC, said in the release. "It was an excellent time to once again get into plastics manufacturing and the acquisition is a nice fit within our portfolio. As with any acquisition, there will be some work and investment required to achieve the goals we have set for the business. We are very optimistic about the rotational molding industry in general and more specifically, optimistic about our new company."
Osmanski could not be reached for additional comment for this story.