Mold-Masters acquires PET supplier ABBA Systems, announces new brand MasterPET
Hot runner and tooling manufacturer Mold-Masters Ltd. has purchased components supplier ABBA Systems, a form...
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According to Mold-Masters, headquartered in Georgetown, Ont., it was the success of the year-old marketing alliance with Brantford, Ont.-based ABBA that convinced the company to make the acquisition to improve its position in the PET marketplace.
The terms of the deal have not been disclosed.
“ABBA’s expertise in preform stack manufacturing dovetails nicely with our core strengths,” said Bruce Catoen, vice president of business and product development at Mold-Masters. “Our excellent working relationship with ABBA and its shareholders allowed us to make this strategic move after only nine months in the marketplace.”
The company said it will rename its PET business to “better reflect” its association with Mold-Masters. “iPET was a name we used to establish the marketing alliance with ABBA. Given that we wanted a stronger association of our PET business with Mold-Masters, we have decided that the brand name MasterPET (MPET) was a better fit,” said Patrick Bennett, executive vice president of Mold-Masters