Plastics and rubber processor Philpott Solutions Group has acquired plastics injection molder Castino Corp. for an undisclosed price.
Officials with Philpott in Brunswick, Ohio, said that acquiring Romulus, Mich.-based Castino is "a major expansion of [Philpott's] capabilities." They added that the deal — completed in March — allows Philpott to build tooling and expand its capabilities, which range from custom molded and extruded rubber parts to polymer parts and specialty products.
Castino's Michigan plant covers more than 22,000 square feet, while its Arkansas facility is 24,500 square feet.
In an interview with Plastics News, President and CEO David Ferrell said that the acquisition of Castino has doubled Philpott's employee total and that the firm's largest end market is now auto after-market.
He declined to disclose financial details, but described Philpott as a "medium-sized" firm. Philpott has had an employee stock ownership program (ESOP) in place since 1976.
Ferrell said that Philpott is looking to make more acquisitions, but isn't likely to complete another one this year. He added that the firm has increased the size of its Aurora plant by more than 60 percent since it opened in 2018.
Carrie Castino had owned Castino with her late husband, Robert Castino Jr. She said that Philpott "shares our values and commitment to customers. ... We know they'll succeed with what we've established over many decades."
Castino specializes in thermoplastic and polyurethane molding and has one plant in Romulus and one in Walnut Ridge, Ark. Those locations have injection molding machines, which range from 100 to 625 tons and make millions of pieces for OEMs. Officials said the 43-year-old firm is known for its automotive experience and has long been a Tier 1 and Tier 2 supplier to OEMs.
Castino's capabilities range from in-house machining to rapid prototyping. The firm was advised on the deal by MBS Advisors of Florence, Mass.
Philpott has plants in Brunswick and Aurora, Ohio. The firm was founded in 1889 and sells into industrial, commercial and government market sectors.
"Purchasing Castino at this time makes perfect sense for our current and future customers as well as our employees and the Castino employees who are joining Philpott Solutions Group," Ferrell said.