Parkway Products LLC, a portfolio company of Capital Partners, has acquired ITECH Plastics, a plastic fabrication company. No financial terms were disclosed.
Parkway Products, LLC completed a transaction with Injection Technology Corporation (“ITECH”) Founder and CEO, Carl Morris on April 16, 2019. The two facilities located in Westminster, SC and Arden, NC, expand Parkway’s Thermoplastic Injection Molding capacity, including large tonnage capability.
“I am pleased that the Itech employees, customers and plants will continue in Parkway’s capable hands,” Carl Morris said of the sale.
The Westminster and Arden facilities deepen Parkway’s geographic presence in the Southeast US and Parkway’s available press clamp tonnage greater than 1,000 tons. “We are excited to add capacity to support the growth needs of our clients and look forward to leveraging the combined horsepower of our TN, NC, SC and GA operating teams to service new opportunities,” noted Parkway CEO Al Ridilla.
This transaction increases Parkway’s North American footprint to eleven operations with seven of them focused on thermoplastic injection molding. Increasing the company’s thermoplastic molding options from five to seven manufacturing facilities not only enhances a substantial Injection molding business for Parkway, but keeps the company focused on its thermoplastic roots. Parkway now has 262 molding machines, including 192 thermoplastic injection machines in the tonnage range of 17 – 1,750 tons.
ABOUT PARKWAY PRODUCTS
Parkway Products, founded in 1946, is a diversified manufacturer offering six product technologies that include thermoplastic molding, high performance polymers, magnesium Thixomolding®, composite polymer molding, paint & laser etch and machined plastic solutions from eleven production facilities in the United States and Mexico. With over 750 dedicated employees, Parkway serves industry leaders in the infrastructure, industrial, aerospace & electronics, automotive, agriculture off-road & truck, and healthcare markets.