A.P. Plasman buys U.S. auto parts maker Thermotech
Windsor, Ont.-based automotive parts maker A.P. Plasman has acquired injection molder Thermotech Inc., a manufacturer of auto components and other parts headquartered in Hopkins, Minn.
Founded in 1949, Thermotech designs and manufactures I/M electrical and mechanical components and assemblies, primarily for the automotive, small engine, consumer, electronic and other industrial markets. The company operates a network of four plants in the U.S. and Mexico, including manufacturing facilities in Juarez, Monterrey and Queretaro.
The terms of the deal have not been announced.
“We are pleased to add Thermotech to the APP family,” David Wiskel, APP’s CEO, said in a statement. “The synergies between the businesses are compelling…Thermotech historically relied on external tooling suppliers to support its molding operations, but going forward we can use our in-house tooling capabilities to reduce lead times and improve quality. In addition, Thermotech’s footprint in Mexico provides a platform from which APP can launch Tier 1 exterior trim programs for OEM customers in a market where automotive production is projected to grow much faster than the rest of North America.”
Founded in 1978, A.P. Plasman is a Tier 1 manufacturer of injection molded plastic automotive components. The company offers fully-integrated design, engineering, tooling, molding, finishing (painting and chroming), and assembly capabilities and operates a network of 11 facilities in Canada, the U.S. and Mexico.