In an effort to drive growth, an Indiana-based thermoformer increased its business through strategic acquisitions in 2018, adding two companies to the fold.
Spencer Industries Inc. purchased Grimm Bros. Plastics Corp., which had ranked No. 120 in Plastics News' annual survey of North American thermoformers, and unranked Plasto-Tech Corp.
Spencer Industries has $45 million in sales in the latest Plastics News ranking. The company thermoforms heavy-gauge products. It offers vacuum-formed parts, highly detailed pressure-formed parts, twin-sheet thermoformed products and custom products.
The company also provides secondary processing and trimming services for its thermoformed products. Its heavy-gauge plastic parts are used in custom refrigerator doors, RTV roofs, vehicle body panels, bed liners, cargo tops, point-of-purchase displays, dunnage and drain pans, tanning beds, large transportation vehicles and other large custom products.
Founded under the name Thermwood Corp. in 1969, the Dale, Ind., company now has facilities in South Carolina, Iowa and Ohio.
According to the company's website, in May it expanded its coverage in the Northeast and Midwest with the acquisition of Elyria, Ohio-based Plasto-Tech.
On the heels of that deal, the company in June acquired Grimm Bros., which is based in Wapello, Iowa.
Spencer said it bought both "as strategic, geographical purchases to better serve existing accounts and to expand into new regions and markets."
"The Iowa plant comes online as a fully mature and well-developed operation capable of growing with existing customers and developing new accounts," the company said. "The Ohio facility fits well into our mid- to long-term strategy with a presence in the Northeast."
The two new manufacturing plants joined Spencer's existing operations in Hampton, S.C., and Dale, Ind.
According to the company, the Dale location will remain as the corporate office and the hub for all product development and administrative functions.
After the acquisitions, Spencer Industries' total manufacturing space exceeds 570,000 square feet.