Russ LaBelle, president and founder of Wilmington Machinery Inc., which builds low-pressure injection molding and rotary blow molding machines, has sold the company he started 53 years and is stepping back from the executive role.
The sale of the Wilmington, N.C.-based company and LaBelle's plans were announced in a Jan. 30 news release.
However, no information was given about the buyer or the terms of the deal.
Plastics News reached out and learned the sale was to a private investor and no financial or other terms will be disclosed. More details will be released when the sale is final.
LaBelle, a pioneer in machinery production, had a background in engineering and a passion for problem-solving when he opened the machine manufacturing business in 1972.
"Russ's innovative mindset and keen market insights enabled the company to develop groundbreaking technologies that addressed customer challenges across multiple industries, including packaging, automotive and industrial applications," the release says.
LaBelle helped introduce rotary blow molding machines and developed large-part injection molding systems.
"[His] hands-on approach and deep technical expertise allowed the company to anticipate industry trends and provide customers with forward-thinking solutions that improved efficiency, sustainability, and product quality," the release says.
His development of high-output structural foam molding systems provided manufacturers with cost-effective and energy-efficient solutions for large-scale production.
With LaBelle at the helm, Wilmington Machinery expanded into custom solutions, focused on the use of recycled materials, and adapted to diverse markets to remain competitive globally.
"His dedication to building long-term relationships with clients and partners set Wilmington Machinery apart in a competitive market," the release says. "He believed in providing not just machinery, but complete solutions tailored to meet each customer's unique needs, a philosophy that has become a cornerstone of the company's success."
LaBelle is stepping back from daily operations and leaving a talented team that carries his vision forward, the release says.
"By ensuring a smooth transition to new ownership, Russ has secured Wilmington Machinery's future while creating opportunities for growth and innovation under new leadership," the company said.