France-based Clayens expands in North America with acquisition of Parkway Products
Canadian PlasticsCanadian Plastics
The deal includes eight Parkway locations in the U.S. and one in Mexico.
In a deal that gives it “strategic scale” in North America, France-based Clayens Group is acquiring injection molder Parkway Products LLC, which is headquartered in Greenville, S.C.
The financial terms of the purchase have not been disclosed.
The deal includes eight Parkway locations in the U.S. and one in Mexico serving industrial, infrastructure, agriculture, aerospace, defense, transportation and health care markets.
Founded in 1946, Parkway manufactures and produces high-performance precision plastic components through thermoplastic molding, thermoset molding, machined plastics, high-performance polymer molding and magnesium thixomolding.
Private equity firm One Equity Partners (OEP) owns Clayens and is buying Parkway from fellow private equity firm Heartwood Partners.
In tandem with the deal, Clayens and OEP have completed a “carve-out” of an injection molding plant in Crystal Lake, Ill. Neither the seller of that facility nor the terms of that deal have been revealed. “The purchase of the Crystal Lake facility helps achieve our strategic goal of boosting our health care capabilities by expanding manufacturing capacity in the United States,” Clayens CEO Eric Pisani said. The Crystal Lake manufacturing business includes a 473,000-square-foot fully equipped facility with cleanroom operations.
After the acquisitions, Clayens will have annual sales of 600 million euros (US$855 million) and 31 facilities in Europe, North America, and Northern Africa.
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