Custom molder Quantum Plastics LLC's latest acquisition expands its footprint and product line.
The Elgin, Ill., company has acquired Raleigh Precision Products Inc., an injection molder in Kenly, N.C.
"We were looking in the Southeast for a location," Quantum President and CEO Ron Embree told Plastics News in a phone interview. Kenly is close to Raleigh, N.C., on Interstate 95.
The purchase also fits Quantum's product diversification strategy. Raleigh Precision brings to the table a range of industrial products and a proprietary line of components for heating, venting and air conditioning markets, Embree noted. They fit Quantum's existing industrial and consumer product lines, he added.
The acquisition is Quantum's ninth in less than four years. Its previous purchase launched Quantum into the market for medical drinkware. In November, Quantum bought molds, injection presses and a customer list for the drinkware product line from New ThermoServ Ltd. and moved the assets to its Fort Smith, Ark., operation.
Raleigh Precision runs 30 injection presses with clamps from 40 to 850 tons in Kenly. Embree said its annual sales have been "approaching $10 million." The company can handle projects from the design and prototype stage using CAD systems and in-house 3D printers. Its machine shop can build and repair molds. It also offers assembly, packaging, shipping and inventory control services.
Raleigh Precision's previous owner Peter Smith will stay with the business for at least a year and other management personnel will continue running the operation. Smith was not immediately available to comment on the transaction.
Molding Business Services of Florence, Mass., advised Raleigh Precision in negotiations that led to Quantum's purchase.
