Tailor Made Products Inc., a Wisconsin-based injection molder, acquired the assets of another Wisconsin injection molder, NTM Inc., after it faced losses from an Aug. 2018 flood.
The acquisition included factory space, presses and tooling, a March 6 release by TMP said.
"The acquisition of NTM Inc. reflects TMP's continued focus to expand its branded product line of proprietary home kitchenware and hardware products and specialty custom molding," TMP said in the release.
"TMP is in an aggressive expansion mode and welcomes inquiries from parties looking to sell their injection molding business," the release added.
NTM, based in Elroy, Wis., has its own proprietary plastic folding sawhorse, but it had been struggling since an Aug. 28, 2018, flash flood that totaled its building and left it 5 feet under water.
"We lost over $5 million in property and damages," NTM CEO Larry Ormson told Plastics News in an emailed statement. "In a five- to six-month period we installed 14 other injection molding machines that were replaced by rebuilt presses, but with the loss of several customers, as we could not run for several months, the company lost massive amounts of money."
TMP was the "perfect fit," Ormson said, to help NTM survive. Tailor Made is based in Hartland, Wis., but with another plant in Elroy.
TMP has its own housewares brands, including Curious Chef and Curious Gardner items for children, Made in the USA kitchen utensils and Bottle Buddy storage racks.
The NTM site will continue injection molding, he said, but did sign a noncompete agreement with TMP for current and future products.
"I thought the sale of assets was in the best interest of the employees and the company," Ormson said. "The TMP staff and employees will make this new venture a tremendous success and we wish them all the best and will help them in the future in any way we can."