Iowa-based injection molder Vantec Inc. has been purchased by an auto supplier in an acquisition that will also allow Vantec's founders to retire.
Angstrom Automotive Group of Southfield, Mich., is a metal stamping, forging and machining specialist. The renamed Vantec LLC will fill a slot as its plastics operations to help Angstrom fill out its offerings.
"The acquisition of Vantec Inc. fits the Angstrom Group model and continues to build on a strategy of establishing Angstrom as a vertically integrated company and the industries' 'one-stop shop' location for world class automotive and industrial components and assemblies," Nagesh Palakurthi, president and CEO of Angstrom Group, said in a news release. "We are confident that this addition will continue to strengthen and complement our value proposition to our customers."
Vantec founders Bev and Willie Van Wyhe announced their retirement as part of the acquisition. Sherri Behrendt, formerly Vantec CEO, remains with the company as managing director of Vantec LLC and vice president of sales for Angstrom.
Details of the acquisition terms were not disclosed.
Vantec is based in Webster City, Iowa, with an additional site in Falls City, Neb.
Vantec has 49 injection molding machines with a centralized resin delivery system, Angstrom said.
In addition to the auto industry, Vantec supplies to the home appliance, heavy equipment, heating and air conditioning, construction and outdoor recreation industries.