Plastic sheet leader Plaskolite LLC has acquired plastics processor MXL Industries for an undisclosed price.
It's the 21st acquisition in 15 years for Columbus, Ohio-based Plaskolite. MXL is a mold maker, injection molder and coatings maker based in Lancaster, Pa.
MXL sells into military, motorsport, life safety, medical, aviation and marine applications. The firm also does routing and assembly work. MXL's specialty-crafted optical plastic parts are used in mission-critical products including fighter jet helmets, medical-grade light fixtures and life safety equipment.
The company says it uses large injection molding presses, with clamping pressures of up to 550 tons. It employs fewer than 100 at a 50,000-square-foot facility.
Plaskolite was focused on MXL's coatings and specialty optical products in making the acquisition, a company spokesperson said.
In a news release, Plaskolite officials said that the addition of MXL strengthens their firm's existing coatings business, complements existing polycarbonate production and expands its broad product offering to include specialty-crafted optical thermoplastic solutions.
"With our combined resources, we will expand our footprint into more specialty end markets, strengthen customer relationships and solidify our leadership position in specialty plastics and coatings," Plaskolite President and CEO Ryan Schroeder said.
MXL President and CEO Jim Eberle added that "for nearly 50 years, MXL has produced high-quality, customized specialty plastics and coating solutions for customers across a range of essential industries. Our partnership with Plaskolite represents an exciting new chapter of growth for our company."
The MXL deal is the first for Plaskolite since December 2021, when it acquired most of the assets of European sheet maker Plazit-Polygal. Published reports put the price of that deal at $210 million.
Plaskolite has been majority owned by investment firm Pritzker Private Capital of Chicago since 2018. Based on sales, Plaskolite is North America's 12th-largest film and sheet maker in Plastics News' ranking. The firm has annual estimated sales of more than $850 million.