Bill Kozyra, a longtime auto executive and former CEO of blow molding auto fuel tank maker TI Fluid Systems, has acquired Romeo, Mich.-based custom molder Alco Plastics Inc.
Alco makes injection molded plastic components and assemblies of automotive interior and structural parts, including two-shot and overmolding. It also has in-house mold making and design.
Kozyra purchased the business from Dan Conway, the second-generation family owner of Alco, which was founded by his father Adrian Lee Conway in 1976.
Financial terms of the July 9 deal were not disclosed.
"I'm pleased to have the Kozyra family be the new owners of Alco Plastics as they come well qualified to take over as I retire after 50 years of working with my father in this great business," Conway said in a news release. "To have this business continue as a father-son and valued employee enterprise is fantastic."
Kozyra will assume the role of chairman immediately; Kozyra's son, William Kozyra II, will be the company's president and run the day-to-day business operations.
Kozyra II has worked in various manufacturing, purchasing and logistics positions for automotive suppliers for the past 18 years.
"We are pleased and honored to become the new owners and operators of a high-quality and successful automotive supplier Alco Plastics," his father said in a statement. "This is a great company that the Conways and their employees have built over the years. We will continue the Alco tradition of excellence in quality product, service and support of valued employees."
The elder Kozyra retired as CEO of TI Fluid Systems in September. TI was No. 17 in the most recent Plastics News ranking of North American blow molders with $230 million in sales in the region. Total global corporate sales for TI top $3 billion annually.
Kozyra took the top job at TI in 2008, just before the Great Recession slashed vehicle production. He helped steer the company through that fiscal storm and oversaw the business as plastics took over more and more of the automotive fuel delivery system.
He previously served as president, North America for Continental AG. He formed a new company, Model Craft Inc., shortly after his retirement from TI Fluid Systems. Model Craft now serves as the parent and holding company to Alco Plastics.