U.S. molder buys Ontario-based Horizon Plastics for $63 million
Cobourg, Ont.-based Horizon has been purchased by Core Molding Technologies, of Columbus, Ohio, a North American compounder of custom sheet molding compound and molder of fibreglass reinforced plastics.
As part of a planned transition by its owner, Horizon Plastics International Inc. (HPI), a longtime Canadian-owned injection molding company in Ontario, has been acquired by an American firm.
Cobourg, Ont.-based HPI has been purchased by Core Molding Technologies, of Columbus, Ohio, for approximately US$63 million.
Founded by Clay Elliott and Albert Traub in 1972, HPI is a custom low-pressure structural plastic molder, with approximately 250 employees operating within two manufacturing facilities located in Northam Industrial Park in Cobourg and Nuevo Leon, Mexico. In 2003 the organization passed on to the second generation, Brian Read, Elliott’s son-in-law who was a partner in the firm since the 1980s.
Core Molding is a North American compounder of custom sheet molding compound and molder of fibreglass reinforced plastics.
“As I looked to transition ownership of HPI, it was important to find the right partner…and as a long-term Cobourg resident and business owner, future stability of the organization and support of our outstanding technical and production teams was a high priority,” Read said in a statement. “I also favoured a strategic partner with the scale and technology foundation to continue growing these specialized processes into expanded applications. Core Molding is that partner.”
HPI had annual sales for its fiscal year ended Aug. 31, 2017, of approximately $60 million, the statement said.
Core Molding plans to continue all HPI operations and “does not expect any significant restructuring, shut-down, or employee severance costs,” the statement added, and the company’s name will not change.