Instead of building a toolroom as originally planned, custom injection molder Myco Plastics Inc. has acquired Jacksonville Tool & Die Inc. (JTD). Both companies are based in Jacksonville, Texas.
JTD employs eight and was founded in 1990 by Mart Betts, who plans to retire in the next two years, he said by phone Nov. 18. JTD's 6,000-square-foot facility has computer numerically controlled and electric discharge machining equipment and uses Solidworks computer-aided design and engineering software.
Myco said it plans to update the tool shop's supplier network and resource management software, and move any unused equipment to Myco. JTD will continue to operate at its current site.
Myco was founded in 1982 and has been a wholly owned subsidiary of injection molder SCP Polymers Inc. of Boonesville, Miss., since 2018. Part of SCP's five-year plan for Myco included building a toolroom there, Joshua Hanna, president of both companies, told Plastics News in a recent email.
"However, when [Betts] heard about our philosophy to keep small businesses alive in small towns, he reached out to us for a partnership. This led to us purchasing his business, since it would be easier to purchase a toolroom rather than building one from scratch," Hanna said.
Hanna will be JTD's new president. His father, Bud Hanna, owns SCP Polymers and is CEO of SCP Polymers and Myco.
SCP Polymers has about 100 employees and annual sales range between $10 million and $15 million, Joshua Hanna said. Myco employs 40, with annual sales of $3 million to $6 million.
Myco just took delivery Nov. 11 of a new injection molding machine, a 450-ton Haitian press. The addition brings Myco's stable of machines to 19, with clamping forces of 35-1,000 tons.
SCP Polymers mainly serves the furniture, electronics and construction markets. Myco makes products mostly for the defense, medical and electronics markets.