Rock West Composites Inc. has acquired the assets of Performance Plastics Inc. for an undisclosed price.
In a news release, officials with RWC in West Jordan, Utah, said the deal will expand the firm's product offering into complementary markets that have little overlap with its existing businesses, but that use similar materials and processes.
The new staff and facilities also will add metallic manufacturing, machining, forming and bonding to RWC's technical expertise, officials added. PPI "brings significant business opportunities" through their customer approvals and long-term supply agreements with prime contractors, they said.
PPI of San Diego employs 80 at a 50,000-square-foot location there. RWC employs 280 in 275,000 square feet of manufacturing space. The firm recently expanded its operations in Salt Lake City.
RWC officials said that the addition of PPI "will accelerate our strategic growth into the future." They added that RWC has posted a 26 percent compounded annual growth rate in the last 10 years.
RWC CEO Jim Gormican said that the acquisition "will enhance the value we bring to our combined customer base." PPI President Jim Renaud added that combining the two firms "will form a stronger business, driving further growth and innovation [and] creating more value for our employees, customers, and suppliers."
RWC is an employee-owned firm that develops, engineers, manufactures and tests composite products for industries including aerospace, defense and commercial and sporting equipment. Officials said the firm is also one of the largest e-commerce suppliers of off-the-shelf carbon fiber tubes, plates, materials and accessories. RWC has locations in San Diego, Salt Lake City and Tijuana, Mexico.
PPI was founded in 1982 and makes precision-engineered composite aerostructure components for major military and commercial OEMs, as well as Tier 1 suppliers. Services provided by PPI include compression molding, assembly and tool design and fabrication. The firm focuses on small- to mid-size assemblies and has of customer qualifications covering both metal bond and composites processes.