Investment group purchases Novatec, announces strategy
Canadian PlasticsCanadian Plastics
A group of private investors led by two plastics auxiliary equipment executives has purchased Baltimore, Md.-based ...
A group of private investors led by two plastics auxiliary equipment executives has purchased Baltimore, Md.-based Novatec, Inc., a supplier of material handling systems.
Conrad Bessemer, the former head of Pittsburgh, Pa.-based Conair North America and Conair-Americas, and Lawrence DeBaugh, Novatec’s former president, were among the leaders of the management buyout team.
Bessemer will serve as president and CEO of the new Novatec, and DeBaugh as the company’s chairman. Longtime Novatec executive vice president Jack Doub will retain his position.
The terms of the buyout were not released.
“We intend to double the size of Novatec over a three-year period through innovative technology, broader product range, new marketing initiatives and expansion into Europe and Asia from the company’s current market base in the Americas,” Bessemer said.
Bessemer also noted that more key people “with strong backgrounds in plastics and resin handling systems” will be joining Novatec prior to the company’s showing at NPE 2006 exposition, June 19 to 23 in Chicago, Ill.