A Philadelphia thermoformer is gaining new ownership, thanks in part to military service.
George Guerra has sold CW Thomas LLC to a new entity called CWT Mfg. LLC, which is led by George Lynett Jr.
Along with being two Georges, both men are also Navy veterans.
"When I began my search for a way to retire I was surprised to hear about someone almost in my back yard in Scranton," Guerra said in a statement. "Upon making contact with the company, it turned out the principal was a Navy veteran. I knew a sale would happen and my business would be in good hands."
Lynett is a former co-CEO of Times Shamrock Communications, a Scranton, Pa.-based media company that operates newspapers and radio stations and is owned by the Lynett and Haggerty families. A few years ago, the company consolidated control under one CEO and appointed a nonfamily member to that post for the first time in company history. George Lynett is part of the fourth generation of family ownership.
He and Guerra signed an asset purchase agreement for the heavy-gauge thermoformer on Sept. 21 that includes the company's 80,000-square-foot manufacturing site in Philadelphia. The deal was announced Oct. 6.
CW Thomas serves "a wide array of industries," including the aerospace, transportation and medical diagnostics segments, according to an announcement of the sale.
Parts made by the company include seat components, snack trays, cup holders, literature pockets and panels for the aerospace sector as well as antistatic component trays, enclosures and video bezels for the electronics sector. Industrial products include refrigerator enclosures, trays, panels and covers.
Parts for mass transit include panels, window masks, baggage racks, ventilation parts and seat components. For the health, laboratory and medical segment, the company makes incubator enclosures as well as parts for diagnostics, laboratory and imaging.
"CW Thomas works with some of the best companies in the world and I intend to work to continue and grow those relationships," Lynett said in a statement. "George Guerra has a wonderful management team in place along with an experienced and knowledgeable staff."
Guerra has agreed to stay with the company for a year to help with the transition.
CW Thomas ranked 101st in the most recent Plastics News list of thermoformers in North America with estimated annual sales of $11 million.