Skip to main content
Sister Publication Links
  • Sustainable Plastics
  • Rubber News
Subscribe
  • Sign Up Free
  • Login
  • Subscribe
  • News
    • Processor News
    • Suppliers
    • More News
    • Digital Edition
    • End Markets
    • Special Reports
    • Newsletters
    • Videos
    • Injection Molding
    • Blow Molding
    • Film & Sheet
    • Pipe/Profile/Tubing
    • Rotomolding
    • Thermoforming
    • Recycling
    • Machinery
    • Materials
    • Molds/Tooling
    • Product news
    • Design
    • K Show
    • Mergers & Acquisitions
    • Sustainability
    • Public Policy
    • Material Insights Videos
    • Numbers that Matter
    • Automotive
    • Packaging
    • Medical
    • Consumer Products
    • Construction
    • Processor of the Year
    • Best Places to Work
      • 2023 winners
    • Women Breaking the Mold
    • Rising Stars
    • Diversity
    • Most Interesting Social Media Accounts in Plastics
  • Opinion
    • The Plastics Blog
    • Kickstart
    • One Good Resin
    • Pellets and Politics
    • All Things Data
    • Viewpoint
    • From Pillar to Post
    • Perspective
    • Mailbag
    • Fake Plastic Trees
  • Shop Floor
    • Blending
    • Compounding
    • Drying
    • Injection Molding
    • Purging
    • Robotics
    • Size Reduction
    • Structural Foam
    • Tooling
    • Training
  • Events
    • K Show Livestream
    • Plastics News Events
    • Industry Events
    • Injection Molding & Design Expo
    • Livestreams/Webinars
    • Editorial Livestreams
    • Ask the Expert
    • Plastics News Events Library
    • Processor of the Year submissions
    • Plastics News Executive Forum
    • Injection Molding & Design Expo
    • Plastics News Caps & Closures
    • Women Breaking the Mold Networking Forum
    • Plastics in Automotive
    • Bioplastics Live
    • PN Live: Mergers and Acquisitions
    • Polymer Points Live
    • Numbers that Matter Live
    • Plastics in Politics Live
    • Sustainable Plastics Live
    • Plastics Caps & Closures Library
    • Plastics in Healthcare Library
    • Women Breaking the Mold Networking Forum Library
  • Rankings & Data
    • Injection Molders
    • Blow Molders
    • Film Sheet
    • Thermoformers
    • Pipe Profile Tubing
    • Rotomolders
    • Mold/Toolmakers
    • LSR Processors
    • Recyclers
    • Compounders - List
    • Association - List
    • Plastic Lumber - List
    • All
  • Directory
  • Resin Prices
    • Resin Prices Overview
    • Commodity Thermoplastics
    • High Temperature Thermoplastics
    • Engineering Thermoplastics
    • Recycled Plastics
    • Thermosets
  • Custom
    • Sponsored Content
    • LS Mtron Sponsored Content
    • Conair Sponsored Content
    • KraussMaffei Sponsored Content
    • ENGEL Sponsored Content
    • White Papers
    • Classifieds
    • Place an Ad
    • Sign up for Early Classified
MENU
Breadcrumb
  1. Home
  2. News
September 28, 2018 02:00 AM

Iowa rotomolder selling assets

Bill Bregar
Senior Staff Reporter
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Owner Revolution Inc.
    Elkhart Plastics Inc. purchased Connect-A-Dock Inc. a molder of floating modular docks, from Owner Revolution Inc.

    Owner Revolution Inc., owned by an employee stock ownership plan, is selling its rotational molding and plastics fabrication operations through two separate deals.

    ESOP members will have to approve at least one of the deals.

    In the first proposed sale, announced Sept. 25, Pollard Banknote Ltd., a Canadian supplier to lotteries around the world, announced it was buying Schafer Systems Inc. in Adair, Iowa, which makes point-of-purchase displays for lotteries and other markets.

    In the second, announced a day later, South Bend, Ind.-based rotomolder Elkhart Plastics Inc. bought the assets of two Owner Revolution subsidiaries in Atlantic, Iowa: Plastics Professionals Inc., a custom molding operation, and Connect-A-Dock Inc. a molder of floating modular docks.

    Elkhart Plastics will continue to run both rotomolding businesses out of the Atlantic factory, which has 10 rotomolding machines, and will become Eklhart's sixth factory. Its other plants are in Indiana, Colorado and Washington state.

    According to published reports, Plastic Professionals will become Elkhart Plastics of Iowa, and the Connect-A-Dock brand will continue under that same name.

    Elkhart CEO and President Jack Welter said in a news release that his company plans to transfer some of its ​ products to the Iowa factory to better serve existing customers.

    "We're excited that this acquisition will allow us to increase our U.S. footprint and give EPI greater capacity. We're looking forward to increasing service to current and future customers with an additional manufacturing location," Welter said. He could not be reached for additional comment.

    Don Hudak, CEO and president of Owner Revolution, did not return calls for this story. He told the Atlantic News Telegram in Iowa that Elkhart Plastics has "aggressive plans to grow the businesses, bringing new jobs and opportunities to the area." Quoted in the local newspaper, Hudak said the sale "comes with the best interest of the employees and the local communities in mind."

    According to the most recent Plastics News rotomolders ranking, Elkhart Plastics has sales of $96.1 million, making it the seventh-largest rotomolder in North America. Elkhart runs 46 rotomolding machines. Plastics Professionals has estimated sales of $20 million in the ranking.

    Owner Revolution was founded in 1986 by Chris Schafer. At the time, the company was known as Schafer Systems, and it primarily made lottery ticket dispensers. Later, the company grew into new markets, including floating docks.

    Schafer sold the company to the ESOP in 1999, when he decided to retire. The company was renamed Owner Revolution in early 2011, when it completed its goal of becoming 100 percent employee-owned.

    Two years ago, Owner Revolution earned an Iowa Job Honor for its efforts to hire people with barriers to employment, such as people with developmental disabilities, past criminal convictions and histories of addiction.

    In the other current sell-off, Owner Revolution is selling Schafer Systems to Pollard Banknote of Winnipeg, Manitoba, for $23.5 million. The acquisition is subject to a vote of ESOP members, Pollard said, adding that the firm employs about 50 people.

    "Schafer has a long history of profitability," Pollard said. Pollard Banknote is publicly traded on the Toronto Stock Exchange. The Pollard family owns 67.6 percent of the company.

    According to local newspaper reports, Owner Revolution still owns Blue Wave Ultrasonics, a manufacturer of industrial ultrasonic cleaning systems in Davenport, Iowa. Owner Revolution bought Blue Wave a year ago.

    RECOMMENDED FOR YOU
    Hoenig named Plastics Pioneers Association president
    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Plastics News would love to hear from you. Email your letter to Editor at [email protected]

    Most Popular
    1
    Treaty talks stumble on debate over resin production cap
    2
    GM, Stellantis give $15M lifeline to insolvent supplier
    3
    Tekni-Plex starts $8.5M medical expansion in Costa Rica
    4
    Plastics additives one focus in Paris treaty talks
    5
    Resin Prices
    SIGN UP FOR OUR FREE NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Plastics News delivered straight to your inbox, free of charge.

    Subscribe today

    Subscribe to Plastics News

    Subscribe now
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter
    • Instagram

    Plastics News covers the business of the global plastics industry. We report news, gather data and deliver timely information that provides our readers with a competitive advantage.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI 48207-2997

    Customer Service:
    877-320-1723

    Resources
    • About
    • Staff
    • Editorial Calendar
    • Media Kit
    • Data Store
    • Digital Edition
    • Custom Content
    • People
    • Contact
    • Careers
    • Sitemap
    Related Crain Publications
    • Sustainable Plastics
    • Rubber News
    • Tire Business
    • Urethanes Technology
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • News
      • Processor News
        • Injection Molding
        • Blow Molding
        • Film & Sheet
        • Pipe/Profile/Tubing
        • Rotomolding
        • Thermoforming
        • Recycling
      • Suppliers
        • Machinery
        • Materials
        • Molds/Tooling
        • Product news
        • Design
      • More News
        • K Show
        • Mergers & Acquisitions
        • Sustainability
        • Public Policy
        • Material Insights Videos
        • Numbers that Matter
      • Digital Edition
      • End Markets
        • Automotive
        • Packaging
        • Medical
        • Consumer Products
        • Construction
      • Special Reports
        • Processor of the Year
        • Best Places to Work
          • 2023 winners
        • Women Breaking the Mold
        • Rising Stars
        • Diversity
        • Most Interesting Social Media Accounts in Plastics
      • Newsletters
      • Videos
    • Opinion
      • The Plastics Blog
      • Kickstart
      • One Good Resin
      • Pellets and Politics
      • All Things Data
      • Viewpoint
      • From Pillar to Post
      • Perspective
      • Mailbag
      • Fake Plastic Trees
    • Shop Floor
      • Blending
      • Compounding
      • Drying
      • Injection Molding
      • Purging
      • Robotics
      • Size Reduction
      • Structural Foam
      • Tooling
      • Training
    • Events
      • K Show Livestream
      • Plastics News Events
        • Plastics News Executive Forum
        • Injection Molding & Design Expo
        • Plastics News Caps & Closures
        • Women Breaking the Mold Networking Forum
        • Plastics in Automotive
      • Industry Events
      • Injection Molding & Design Expo
      • Livestreams/Webinars
        • Bioplastics Live
        • PN Live: Mergers and Acquisitions
      • Editorial Livestreams
        • Polymer Points Live
        • Numbers that Matter Live
        • Plastics in Politics Live
        • Sustainable Plastics Live
      • Ask the Expert
      • Plastics News Events Library
        • Plastics Caps & Closures Library
        • Plastics in Healthcare Library
        • Women Breaking the Mold Networking Forum Library
      • Processor of the Year submissions
    • Rankings & Data
      • Injection Molders
      • Blow Molders
      • Film Sheet
      • Thermoformers
      • Pipe Profile Tubing
      • Rotomolders
      • Mold/Toolmakers
      • LSR Processors
      • Recyclers
      • Compounders - List
      • Association - List
      • Plastic Lumber - List
      • All
    • Directory
    • Resin Prices
      • Resin Prices Overview
      • Commodity Thermoplastics
      • High Temperature Thermoplastics
      • Engineering Thermoplastics
      • Recycled Plastics
      • Thermosets
    • Custom
      • Sponsored Content
      • LS Mtron Sponsored Content
      • Conair Sponsored Content
      • KraussMaffei Sponsored Content
      • ENGEL Sponsored Content
      • White Papers
      • Classifieds
        • Place an Ad
        • Sign up for Early Classified