North America's largest rotational molding company, Tank Holding Corp., has purchased Florida-based rotational molder Dura-Cast Products Inc., effective Feb. 8.
"Dura-Cast augments an important part of Tank Holding's overall growth strategy, which is to strengthen our core tank business while enhancing leading positions in adjacent markets, where we can leverage our industry knowledge and expertise to create greater value for our customers," Greg Wade, CEO of Tank Holding, said in a Feb. 8 news release. "It also provides additional regional capacity for the Southeast markets."
The acquisition includes Dura-Cast's facility in Lake Wales, Fla.
"Tank Holding is the ideal partner to accelerate our growth objectives," Dura-Cast CEO David Orcutt said in the release. "The core values of both companies are well aligned and we are confident they will continue the success for both our customers and employees for the years to come."
“The management and leadership are all remaining in place,” Kristin Aiken, sales and marketing manager at Dura-Cast told Plastics News. “This is really business as usual at Dura-Cast. This just allows us to be part of the greater network of Tank holding and really extend our reach.”
Former owners David Orcutt and Paula Orcutt will “still have a very active role in the company,” Aiken said.
The Dura-Cast acquisition is Tank Holding's 12th in the past two years and "provides additional synergy opportunities with Tank Holding's other recent acquisitions, Waste & Recycling Plastic Containers, Chem-Tainer, Meese and RMI," the release said.
Dura-Cast designs and manufactures proprietary products in bulk storage tanks, bulk laundry and linen carts, material handling bins and containers, refuse and recycling, and a variety of other marine and custom products.
It has an estimated $16 million in annual sales and was No. 53 in the most recent Plastics News ranking of North American rotomolders.
"Together, these market leading brands and product offerings provide the industry with the broadest product portfolio and the largest footprint of manufacturing facilities," the release added.
Owned by private equity firm Olympus Partners, Tank Holding, which includes brands Norwesco, Snyder Industries, Bonar Plastics, Bushman, Chem-Tainer, Meese, RMI and Stratis Pallets, operates 34 manufacturing plant locations employing about 1,000 people in North America, prior to the Dura-Cast acquisition.