North America's largest rotational molding company, Tank Holding Corp., has purchased Chino, Calif.-based rotational molder Spin Products Inc.
"Spin and their valued long-term customer relationships complements our growth strategy both in our core and adjacent markets, including expansion of our custom molding division," Tank Holding CEO Greg Wade said in a news release. "The facility will also serve to provide additional manufacturing capacity in the Southwest region."
"Tank Holding is the ideal partner to grow the Spin business and further increase our facility utilization," Paul Burlingham, president of Spin Products, said in the release. "Their growth strategy will build upon our long term success and benefit both our customers and employees for the years to come."
Spin Products did not immediately respond to request for comment by Plastics News.
The acquisition is Tank Holding's 13th in the past two years and provides synergy with its other recent acquisitions including Meese, RMI and Dura-Cast.
Owned by private equity firm Olympus Partners, Tank Holding includes the brands of Norwesco, Snyder Industries, Bonar Plastics, Bushman, Chem-tainer, Meese, Stratis Pallets, RMI and Dura-Cast. The company operates 35 manufacturing plant locations and employs about 1,000 people in North America, prior to the Spin acquisition.
While Tank Holding is the largest rotomolder in North America, Spin comes in at No. 58 with $8.2 million in sales, 62 employees and seven machines, according to the most recent ranking by Plastics News.