Promens buys Elkhart Plastics
Reykjavik, Iceland-based rotationally molded plastics manufacturer Promens hf, has purchased Elkhart Plastics Inc. ...
Reykjavik, Iceland-based rotationally molded plastics manufacturer Promens hf, has purchased Elkhart Plastics Inc. (EPI), headquartered in Middlebury, Ind.
As a result of the acquistion, EPI has been combined with the North American operations of Promens to form Promens North America Group (PNAG).
The new company, which will take over EPI’s two existing production facilities in Middlebury, Ind., and Portland, Ore., will manfacture plastics products for the recreational vehicle, marine, chemical, agriculture and other industries.
EPI’s former primary owner and CEO, Jack Welter, will serve as president and CEO of PNAG.
“We look to capitalize on the substantial synergies from the combination of Promens’ North American operations and EPI (and) we expect to agressively expand our North American business into new geographic and end-user markets,” Welter said.
Promens hf operates 22 rotational-molding facilities in North America, Europe and Asia, employing approximately 1,600 people.