Falcon Plastics, a custom injection molder based in Brookings, S.D., has acquired Poly-Cast Inc., a customer molder in Tigard, Ore.
Terms of the deal, announced Nov. 1, were not released.
Falcon Plastics officials said the acquisition enhances Falcon's injection molding business through extended service and product offerings, with the addition of wax molding components, and gives further market share in the areas of industrial, medical, automotive and recreational.
After the deal, Falcon operates molding facilities in three states: South Dakota, Tennessee and Oregon, plus the Poly-Cast plant in Suzhou, China.
Poly-Cast owner and CEO Dan Leedom will join Falcon as sales account manager in the northwest. The current Suzhou general manager, Jeff Leedom, will become general manager of both the Tigard and Suzhou facilities.
Falcon Plastics plans to integrate the 60-plus Poly-Cast employees into its core business structure.
Dan Leedom said three main criteria played a key role when officials considered selling Poly-Cast: The buyer would have a similar family-business environment and culture; the deal had to be beneficial to the growth of the company, the employees and clients; and the third generation of the business, Jeff Leedom, would continue to participate in building the business.
"I am proud to say we were able to achieve all of this. I could not be more excited about the future our clients, our team members and the new direction of our organization," Dan Leedom said.
Falcon President Jay Bender agreed that the two companies have similar business philosophies.
"The culture and mutual values of Poly-Cast and Falcon Plastics are closely aligned," Bender said. "This addition will open up a whole new territory for us in the Northwestern U.S. and bring additional capabilities and resources to our entire team."
Both family-owned molding companies were founded in the 1970s — Poly-Cast in 1972 and Falcon in 1975.