A plastics machining and assembly plant in Wallingford, Conn., has been sold for the second time in a year.
Pexco LLC of Johns Creek, Ga., on June 5 announced a deal to acquire the plant from Clayens NP Group of France. Clayens had acquired the site in June 2023 from Paragon Medical Group of Pierceton, Ind.
In a news release, Pexco officials said the acquisition will bolster the firm's services in the aerospace and defense, electric and infrastructure, life sciences, industry and equipment, and semiconductor markets. They added the site is known for its computer numerically controlled machining, milling, multi-axis turning, annealing, vapor polishing and assembly abilities.
The acquisition "aligns perfectly with Pexco's strategic growth plan," CEO Sam Patel said. "The Wallingford facility's advanced machining capabilities and its expertise in critical industries will enhance our ability to meet and even exceed customer requirements."
Wallingford site general manager Mike Kane added that joining Pexco "presents an exciting opportunity for us to leverage Pexco's scale, reputation and engineering expertise. … We are eager to contribute … and to expand the reach of our precision machining capabilities across more industries and geographies."
The Wallingford plant opened in 1980 as Connecticut Plastics. When it purchased the Wallingford plant, Clayens also bought a Providence, R.I., injection molding plant from Paragon.
The Wallingford acquisition is Pexco's 13th since 2018, but its first since November 2022, when it bought shapes and sheet maker Plastic Profiles LLC of Parsippany, N.J. Earlier in 2022, Pexco was reacquired by Odyssey Investment Partners LLC of Atlanta, which had owned the firm from 2012-17.
With estimated sales of $330 million, Pexco is the 21st-largest pipe, profile and tubing producer in North America, according to Plastics News data. The firm employs more than 600.