Holland, Mich. — Tramec LLC has taken swift action for growth under new ownership, with its Tramec Sloan division acquiring Penz Products Inc. on Dec. 31 to add more capabilities for heavy-duty vehicles and industrial applications.
Shawnee, Kan.-based Tramec was purchased in September by management with support from Wells Fargo Strategic Capital and High Street Capital from longtime majority investor MacLean Investment Partners.
On Jan. 7, the company announced that its Tramec Sloan division, based in Holland, had acquired Penz Products of Mishawaka, Ind., adding thermoforming, vacuum forming, urethane foaming and other processes. The firms did not disclose a purchase price.
"Penz Products is a perfect complement to our existing product lines, target markets, and manufacturing capabilities," Tramec Sloan President Mark Holm said in a news release. "We will begin leveraging their strengths immediately to better serve our customer base in North America and beyond, and we're very excited about the thermoforming and urethane foam applications for the commercial vehicle industry."
Penz Products is a diverse manufacturer serving a variety of markets, principally commercial vehicles. It was founded in 1956 by Wally Penzenik and led today by his two sons, Richard and David Penzenik, Tramec officials said.
In addition to its plastics operations, Penz also has metal forming, assembly, robotic welding and other capabilities.
"We are excited to join the Tramec Sloan team," David Penzenik said. "Tramec Sloan is a very influential supplier to the commercial vehicle marketplace. We expect the collaboration of our teams to quickly produce opportunities for growth."
Tramec's holdings also include injection molder Tramec Plastics and Composites of Elk Grove Village, Ill.; Cim Tech Plastics Inc. of Elk Grove Village; Continental-Aero of Lyndhurst, N.J.; and Tramec Hill Fastener LLC of Rock Falls, Ill., with the latter of the two making metal and nylon lock nuts.