Auburn Hills-based U.S. Farathane Corp., a provider of plastics to the automotive industry owned by The Gores Group, has acquired Boston Plastics, a Shanghai-based manufacturer of plastic injected molded components. The acquisition gives U.S. Farathane a foothold in the Asian market.
“We originally partnered with The Gores Group to expand our global footprint and this latest acquisition enables us to directly participate in the large and growing China market,” says Andy Greenlee, CEO of U.S. Farathane. “The Boston Plastics team understands our technology and has demonstrated success serving demanding international customers. They launched three facilities in China and have consistently delivered outstanding results.”
U.S. Farathane is a portfolio company of The Gores Group, a global investment firm founded in 1987 by Alec Gores, the brother of Tom Gores, the owner of the Detroit Pistons and the Palace of Auburn Hills.
Boston Plastics has three production facilities in China, in cities including Shanghai, Taicang (near Shanghai), and Changchun (in the northeast region of the country). Greenlee says the acquisition will provide U.S. Farathane the opportunity to serve existing OEM customers in both the U.S. and China.
Earlier this month U.S. Farathane acquired Tepso Plastics Mex, a manufacturer of engineered plastic injection molded components. Tepso has two production facilities in Mexico.
U.S. Farathane has 16 manufacturing facilities in the United States, Mexico, and China with more than 2,500 employees. Customers include FCA, Ford, GM, and Honda, among other automakers.
IN RELATED NEWS, Tom Gores today announced a private sector campaign to raise at least $10 million to help address the water crisis in Flint.
“The issues facing Flint won’t be solved solely through government intervention and emergency support,” Gores says. “The private sector needs to play a role here, and I am committed to helping drive that effort. I grew up in Flint, my family has strong roots there, and I believe in the people who live there.”
Gores’ campaign will focus on immediate support for short-term relief efforts to ensure access to safe drinking water; funding for programs that help children, including nutrition, education, and healthcare initiatives; and long-term support for economic development initiatives in Flint.