Prism Plastics, which is backed by Altus Capital Partners, has acquired Meadville, Pennsylvania-based Tech Molded Plastics Inc, a provider of precision molding and production injection molds. No financial terms were disclosed.
CHESTERFIELD TOWNSHIP, Mich., June 28, 2016 – PRISM Plastics, a leading high-precision plastic product company, has acquired Meadville, Pennsylvania-based Tech Molded Plastics, Inc., a full-service injection molded plastics company specializing in tight tolerance precision molding and production injection molds.
“PRISM Plastics continues to experience a strong and steady growth trajectory fueled by our commitment to The PRISM Way—an operational mindset geared toward lean manufacturing processes, automated technologies and embedded quality control measures that result in best of class standards of quality for our clients at every touch point,” said Rod Bricker, president of PRISM Plastics. “In acquiring Tech Molded Plastics, we recognized a strategic opportunity with a company that shares our philosophies regarding manufacturing, business, family and culture to further expand our capabilities and capacity to fuel future growth.”
Founded in 1973, Tech Molded Plastics focuses on precision injection molding to the automotive, medical, consumer, electronics and aeronautics industries. Tech Molded Plastics runs 37 injection-molding machines, with clamping forces from 33 to 440 tons. Through this acquisition, PRISM Plastics will effectively double its size in terms of sales. The move will give the organization immediate access to a proven and sophisticated team of professionals while also adding in-house mold building capabilities to the company’s service offerings.
“We’re confident that this acquisition will prove to be mutually beneficial in helping both organizations accomplish more together than they could have separately,” said Tech Molded Plastics CEO Scott Hanaway. “PRISM Plastics has a strong reputation throughout the industry and we couldn’t think of a better company to align ourselves with moving forward.”
Tech Molded Plastics was the Plastics News 2013 Processor of the Year award winner. PRISM was a finalist in 2014 while receiving the Excellence in Customer Service Award. For more information, visit www.prismplastics.com.
About PRISM Plastics, Inc.
Founded in 1999, PRISM Plastics manufactures high-precision injection molded plastic components with a focus on small, tight tolerance automotive parts. The company leverages highly-automated, cutting-edge technologies and processes that eliminate process variations and provide a high degree of visibility and accuracy across more than half-a-billion parts shipped per year from its current three facilities in the U.S. PRISM is a portfolio company of Altus Capital Partners, which specializes in investments in middle-market manufacturing companies based in the U.S. For more information, visit www.prismplastics.com.