Tide Rock Holdings LLC remains on the acquisition trail, buying Plastic Molding Technology Inc., a well-known precision injection molder based in El Paso, Texas.
The seller is PMT CEO Charles A. Sholtis, who will remain as an adviser to the company. Terms were not disclosed.
"We decided to partner with Tide Rock to be able to achieve the next level of growth," Sholtis said in a Jan. 11 news release.
His father, Charles E. Sholtis, started PMT in Bridgeport, Conn., in 1973. The younger Sholtis has been CEO since 1998. The company opened an El Paso factory in 2001 and shut down its operations in Connecticut in 2004.
For Tide Rock, the deal is its fourth purchase of a plastics processor in the past year. Most recently, it announced Nov. 2 that it has acquired custom injection molder and toolmaker Altratek Plastics Inc. of Longmont, Colo.
In May, the holding company announced it had purchased custom heavy-gauge thermoformer Plastics Design & Manufacturing Inc. of Centennial, Colo. In October, it revealed it had acquired injection molder Pikes Peak Plastics Co. LLC of Colorado Springs, Colo.
Tide Rock is based in the Cardiff area of Encinitas, Calif., about 25 miles north of San Diego.
Tide Rock said PMT will join Pikes Peak and Altratek to form a new plastics injection molding company that serves the industrial, energy, electronics, telecommunications, medical and automotive industries.
The company's portfolio also includes Interconnect Solutions Co. The combined businesses will be led by Group CEO Michael Engler.
"The acquisition of PMT allows us to expand our footprint within the injection molding sector," Engler said in the news release. "We now can serve customers from multiple strategic locations, each with a highly skilled workforce and 95 total molding machines ranging from 20 to 500 tons."
PMT is ISO 9001, ISO 14001 and IATF 16949-certified. The company ranked No. 213 in Plastics News' recent survey of North American injection molders, with estimated sales of $27.5 million. Key end markets include medical and automotive, and PMT employs about 100 people.