Polymer Technologies merges with Plainfield Group
Injection molder and metal stamper Polymer Technologies Inc. , based in Cambridge, Ont., has merged with the Plainfield Group of Companies , a metal stamper and insert molder headquartered in Plainfie...
Injection molder and metal stamper Polymer Technologies Inc., based in Cambridge, Ont., has merged with the Plainfield Group of Companies, a metal stamper and insert molder headquartered in Plainfield, Ill.
The move doubles the size of Polymer Technologies’ business, and will raise annual revenues close to the $100 million figure, John Bell, president and CEO, said. “[This] makes us a global player now,” he continued.
Terms were not disclosed at press time.
With the merger, the company will be renamed 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 Technologies’ product base, Bell continued, as well as alleviate the company’s dependence on the automotive sector.
Plainfield has two plants in Plainfield, one in Sturgeon Bay, Wis., and one in El Paso, Tex., which join with the Polymer Technologies sites in Cambridge and in San Luis Potosi, Mexico. A new manufacturing facility is also scheduled to open in December in Guangdong, China.
Polymer Technologies 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.