AarKel buys majority stake in Platinum Tool Technologies
In a deal involving two well-known Southern Ontario moldmakers, AarKel Tool & Die has acquired a majority stake in Platinum Tool Technologies Inc.
Platinum Tool has facilities in Windsor and in the Saltillo/Monterrey region of Mexico. Headquartered in Wallaceburg, Ont., AarKel operates three plants in that city, and also holds an exclusivity agreement with a design/engineering firm in China.
The financial terms of the deal have not been disclosed.
“This partnership now positions AarKel Tool & Die for added growth in the fast growing northern Mexico region, as well as additional capacity to support our current facilities,” AarKel president Larry Delaey said. “Platinum Tool a strong and dedicated work force, skilled in the building of injection tooling, extensive knowledge in automotive lighting, as well as a successfully developed facility in Mexico.”
The three former majority owners of Platinum Tool – Dan Moynahan, Randy Soulliere, and Scott Dell – will remain in their existing roles in Platinum Tool and Platinum Tool De Mexico, as well as maintaining minority shareholdings in these companies.
“We look at this as an opportunity not only to support our current dedicated customer base, but also to develop new customer relationships,” Moynahan said.
Founded in 1977, AarKel operates three separate business streams; die cast tooling, plastic injection tooling, and aluminum production/prototype tooling.