An international cabinet hardware company looking to bring business back from overseas has bought custom injection molder Precision Plastics Inc. of Columbia City, Ind., and will add metal die-cast technology to Precision's lineup.
Titus Group acquired the employee-owned company Jan. 10 and has renamed it Titus Precision LLC.
"We have looked at opportunities to onshore more of our manufacturing in the United States for quite some time," Titus North America CEO Matthew Hurley, who will also become CEO of Titus Precision, said in a Jan. 12 news release.
"We look forward to welcoming Precision Plastics' team and supporting them with investment in current and new programs. The introduction of Titus Group's proprietary zinc metal and automation capabilities will now enable us to develop a wider range of customer-specific solutions locally," he said.
Ron Richey, who was CEO and president of Precision Plastic, is now the chief financial officer of Titus Precision and will help with the transition.
"I could retire, but my plan is to stay as long as they need me to stay; I imagine at least a year," Richey said in a Jan. 14 phone interview.
Titus will be moving its warehouse and customer service operations from Chicago to Columbia City and plans to invest about $7 million in the 87,000-square-foot facility there over the next few years, adding new equipment and reconfiguring the building to accommodate those operations and new business, Richey said.