Kensington Capital Partners and Orchard Plainfield LLC have sponsored a recapitalization of Polymer Plainfield Holdings Inc., a Plainfield, Ill.-based maker of metal and injection molding components. No financial terms were disclosed.
Polymer Plainfield Holdings Inc. (“Polymer Plainfield” or the “Company”), which specializes in designing, assembling and manufacturing metal and injection molding components and has nine operations across five countries, has completed a transaction, led by Orchard Plainfield LLC, a U.S.-based investor, and Kensington Capital Partners, a Canadian private equity fund-of-funds manager, designed to strengthen the Company’s balance sheet to cope with the economic downturn now facing the global economy. The transaction closed on January 29, 2009.
The transaction is targeted at enhancing Polymer Plainfield’s financial position, resulting in a sizeable de-levering of the Company’s balance sheet. As part of the transaction, the Company renegotiated its borrowing lines to allow for additional liquidity to position the Company, as a financially sound, leading supplier of metal stamping and injection molding components to the automotive, medical, consumer products and other industries.
About Polymer Plainfield:
Headquartered in Plainfield, IL, Polymer Plainfield is a ISO and TS16949 certified manufacturing company focused on insert, two-shot, precision and reel-to-reel molding, metal stamping, multi-slide components, pin forming, coil winding and assembly. Polymer Plainfield has stamping and molding facilities located in the United States, Canada, Mexico, China and the Dominican Republic. Polymer Plainfield services over 100 customers in the automotive, medical, electronics, industrial and consumer products sectors, as well as the military. For more information about Polymer Plainfield, please visit http://www.polymer.ca/.