Chesterfield Township-based Prism Plastics says it will double its annual revenue with today’s acquisition of Meadville, Pa.-based Tech Molded Plastics Inc. Terms of the deal were not disclosed.
“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,” says Rod Bricker, president of Prism Plastics.
Tech Molded Plastics, which specializes in tight tolerance precision molding and production injection molds for the automotive, medical, consumer, electronics, and aeronautics industries, runs 37 injection-molding machines.
Through the acquisition, Bricker says Prism Plastics will add in-house mold building capabilities to its offerings and have access to the Tech Molded Plastics team.
“We’re confident that this acquisition will prove to be mutually beneficial in helping both organizations accomplish more together than they could have separately,” says Scott Hanaway, CEO of Tech Molded Plastics. “Prism Plastics has a strong reputation throughout the industry, and we couldn’t think of a better company to align ourselves (with) moving forward.”
Founded in 2000, Prism Plastics operates four production facilities — Chesterfield Township, Port Huron, Meadville, Pa., and Harlingen, Texas — and 72 presses. With the acquisition, Prism Plastics will have 109 presses.
