Mundelein, Ill.-based Commercial Plastics Co. has purchased the assets of Imperial Plastics Inc., a Lakeville, Minn.-based custom injection molder.
Terms were not disclosed. Imperial Plastics is a diverse thermoplastic molder with insert, gas-assisted and structural foam molding technologies. It has a 400,000-square-foot plant in Mora, Minn., and a leased headquarters plant in Lakeville.
Imperial Plastics was founded in 1968 and serves the agricultural, building materials, outdoor recreation and industrials end markets. It had a third plant in Mankato, Minn., which it opened in 2014 but closed in early 2017 after it lost contracts from one of its major customers who moved production outside the United States.
Commercial Plastics dates back to 1940 and is owned by brothers Bill and Matt O'Connor. It has plants in Mundelein; Waverly, Neb.; and Kenosha, Wis. According to the company's website, it has 130 presses ranging from 55-2,000 tons of clamping force and about 320 employees.
CEO Matt O'Connor told a local newspaper in Mora, Minn., that both Imperial Plastics plants will remain open. He added that the acquisition will double its number of employees and square footage. Commercial Plastics did not respond to questions from Plastics News.
Commercial acquired its Kenosha plant in 2014 when it purchased the assets of Xten Industries LLC. It bought the Waverly plant in 2015 when it bought certain assets of Lenco Inc.- PMC.
Imperial had also grown through acquisition. The Lakeville-based company bought Mora-based Engineered Polymers Corp. in 2014.
Imperial was No. 86 in Plastics News' 2019 ranking of North American injection molders, with estimated sales of $85 million. Commercial Plastics ranked No. 90, with estimated sales of $80 million.
Chicago-based Stout advised Imperial Plastics on the sale.
"Imperial Plastics brings an array of unique capabilities and diversification to Commercial Plastics, which has established itself as a leader in the injection molding industry," David Evatz, managing director and head of Stout's plastics industry practice, said in a news release.