Polymer Technologies purchases Plainfield Group, doubles size
Canadian PlasticsCanadian Plastics
Cambridge, Ont.-based injection molder and metal stamper Polymer Technologies Inc. has purchased the Plainfield Gro...
Cambridge, Ont.-based injection molder and metal stamper Polymer Technologies Inc. has purchased the Plainfield Group of Companies, a metal stamper and insert molder headquartered in Chicago, Ill.
The acquisition doubles the size of Polymer’s business, and will raise annual revenues close to the $100 million figure, John Bell, Polymer’s president and CEO, said. “[This] makes us a global player now,” he continued.
Terms of the sale were not disclosed.
With the acquisition, the company is renaming itself Polymer Plainfield Companies Inc. The organization’s corporate offices will remain at the present location of 1477 Bishop St. in Cambridge.
“The availability [of the Plainfield Group of Companies] was key, and they also have some strong management skills which we are going to integrate with our own,” Bell noted.
The addition of Plainfield will expand and diversify Polymer’s product base, Bell continued, as well as alleviate the company’s dependence on the automotive sector.
The purchase of the Plainfield Group comes just two months before the planned opening of Polymer’s new manufacturing plant in Guangdong, China.
Polymer employs 250 people at its 65,000-square-foot plant in Cambridge. The addition of the Plainfield organization will boost its total workforce to 700, the company said.