Auto supplier NYX LLC has acquired the operations of New Albany, Ind.-based injection molder and toolmaker Beach Mold & Tool Inc.
Terms of the deal were not disclosed.
Beach Mold & Tool is ranked No. 69 on Plastics News' annual listing of North American injection molders, with sales in 2018 estimated at $132 million. It employs approximately 870. The company previously operated a custom injection molding plant in Emporia, Va. That facility was not acquired by NYX.
Beach Mold & Tool — founded in 1972 by William H. Beach and his wife, Juanita — makes precision tools and injection molded products for the automotive, medical, consumer, industrial and business equipment markets.
Amherst Partners LLC of Birmingham, Mich., served as the exclusive financial adviser to Beach Mold & Tool.
In Indiana, the company occupies a 550,000-square-foot manufacturing and assembling facility as well as an adjacent 140,000-square-foot warehouse. It has more than 144 injection presses, with clamping forces ranging from 50-4,400 tons.
NYX assumed operational control of the New Albany facility on June 21. All jobs were retained. Going forward, NYX New Albany will be a subsidiary of the company, according to Dan Laible, NYX's executive vice president and chief financial officer.
"Probably the first thing that got us excited about the transaction was the team," Laible said in a July 9 phone interview.
"The team is a mature group that has 47 years of business success. And for us, it's great new geography that opens up some new market possibilities for us. There are new products, new customers, as well as increasing market share with our current customer base," he added.
Laible said the goal is to stabilize, improve and grow the New Albany location.
"The communities and companies that win in talent will win in economics," he said in a follow-up email. "We are always looking to add plastics and technical talent, and we are excited to add in excess of 100 new jobs to NYX New Albany."
NYX is also actively hiring and accepting job applications across all of its locations, he said.
For 2019, the company is forecasting annual sales for NYX New Albany to reach $140 million. Companywide, Laible projects NYX will generate annual sales of $520 million this year, citing a gain in market share over the past few years.
"We pride ourselves in being the supplier of choice for our customers and the value we provide as a supplier has led to several significant incremental business awards," he said.
NYX is No. 41 on PN's injection molder rankings, with estimated sales of $250 million for 2018. The company molds a variety of interior parts for the automotive industry, including door panels, center consoles, instrument panels, soft and hard trim garnish, and seatback panels, among other components.
It has additional operations in Linden, Tenn.; Windsor, Ontario; San Luis Potosí, Mexico; Shanghai; and Chandigarh, India. It employs 3,200.