Germantown, Wis.-based custom injection molder and toolmaker MGS Mfg. Group Inc. is set for growth in Europe through the acquisition of Formteknik, which operates in Denmark, Sweden and Germany.
The acquisition will expand the MGS team to 1,500 employees and 11 global facilities, building on a European presence that had been limited to a facility in Ireland.
MGS also adds expertise from Formteknik's management team.
"One of the most appealing parts of the acquisition was the strength of the management team and their willingness and excitement to be part of the MGS team," MGS CEO and President Paul Manley said in an email to Plastics News. "We are all just strong together."
Terms of the deal were not disclosed.
"We are excited to welcome Formteknik to MGS," Manley said in a Jan. 7 news release. "Culturally, we have tremendous alignment - everything our organizations do revolves around delivering superior solutions for our customers.
"With Formteknik, MGS can now deliver integrated manufacturing solutions in Europe with a single point of contact, which mirrors our model in North America," Manley added.
MGS is No. 48 in PN's most recent ranking of North American injection molders, with $200 million in annual sales. It is No. 19 among North American toolmakers, with $50 million in sales.
Formteknik's management team represents multiple Northern European locations: Henrik Jørgensen, based at Formteknik IM A/S in Roskilde, Denmark; Jan Aronsson, at Formteknik Verktygs AB in Anderstorp, Sweden; and Dirk Paulmann, at Formteknik GmbH in Dortmund, Germany.
"Our services, from tool development to turnkey injection molding solutions and system validation, perfectly align with MGS' current global capabilities in mold building, injection molding and automation," a statement from Formteknik's management team said. "The team at Formteknik is thrilled to become part of the MGS family to bring integrated manufacturing capabilities to customers across Europe."