Örkelljunga, Sweden-based KB Components Group has acquired Lakeside Plastics Ltd. in Windsor, Ontario, effective Nov. 1, to grow the company's North American customer base.
The asset acquisition will add several electric-vehicle-segment customers, including Rivian, Lordstown Motors Corp., and Lucid Motors, David Ulrich president of KB Components Canada told Plastics News.
"Additionally we'll pick up a number of Tier 1 suppliers to Toyota, based in Ontario," he said.
KB Component's existing facilities will be merged with Lakeside Plastics' operations, Ulrich said, which comes with "some minor changes."
"Offers have been made to all but a few of the former Lakeside employees and all have accepted," he added.
Ulrich declined to comment on the terms of the acquisition.
"It takes us from 27 injection mold presses, up to 67, with a tonnage range between 60 tons and 3,500 tons," Ulrich said.
Lakeside Plastics did not respond to request for comment by Plastics News.
"The combined entity is projected to have a turnover of US$55.6 million (C$70 million) for 2022," a news release said.
It expects the group's annual sales to increase to US$200 million (170 million euros).
KB Group now has eight total production sites: four in Europe, one in Asia and three in North America. Its customer portfolio includes light vehicle, heavy vehicle, furniture, lighting, medical, chrome plating and other industries.