Salt Lake City-based Plastic Services and Products LLC has acquired Genova Products Inc.'s plant in Paducah, Ky.
PSP makes plastics pipe, fittings and vinyl fencing. Genova is a manufacturer of PVC pipe, gutter, decking and railing that recently closed the Paducah plant, along with several others.
The owners of Genova, which is based in Davison, Mich., reportedly were in financial trouble and looked last year to sell the company or find a cash infusion.
No one is commenting on the PSP deal except for local officials, who say they are pleased that it is happening. The officials said PSP plans to will hire 80 employees to restart production in Paducah, then add 125 employees in the coming months.
"We have been diligently working alongside Plastic Services and Products since December while they acquired the Genova assets. We are thrilled for what this acquisition means to our community and the employees who were displaced last fall. These jobs are a tremendous blessing, especially considering all of the lay-offs and furloughs in the midst of this COVID 19 pandemic." Bruce Wilcox, president of the Greater Paducah Economic Development, told the local media.
Officials at the two companies could not be reached for more information. A phone recording says Genova is closed due to a state order related to the coronavirus outbreak but some employees are working remotely and will try to answer voice mail the next day.
A PSP spokeswoman said that company will issue a statement, but possibly not until next week.
The scope of the deal is not clear. In addition to Paducah, Genova had laid off workers or shut down facilities in Fort Wayne and Rensselaer, Ind.; Faribault, Minn.; and Sparks, Nev., in November, December and January, according to published reports. The future of those facilities and the Davison headquarters are not known.
Founded in 1962, Genova manufactured PVC plumbing systems, then expanded into gutters, fencing, railing and deck flooring, according to its website. The company's product lines include whole-house plumbing pipe and fittings from the well or water line to the sewer or septic system.
Genova got started by buying pipe from extruders and creating kits to sell to cottage owners for do-it-yourself projects in northern Michigan.
PSP extrudes PVC cellular core pipe and ABS solid wall and cellular core pipe for sanitary drain, waste and vent uses for wholesale and retail customers in the United States and Canada.
The acquirer also sells ABS, iron and brass fittings; PVC and metal pipe nipples; PVC picket, privacy and ranch fencing; and equestrian jump poles and gates. It also has a facility in Centralia, Wash.
PSP opened its vinyl fence division in 2012 with equipment purchased from Utah-based vinyl fence manufacturer Peak Profile.
PSP has been owned by PMC Global since 2008.