N.E.W. Plastics Acquires Minneapolis Blow Molding Company
4 May 2016
N.E.W. Plastics Corp., which manufactures blow molded rigid plastic containers in Kewaunee County, on Friday acquired St. Paul, Minn.-based Fulcrum Inc. from Samir and Shaneeta Mehta for an undisclosed price.
Luxemburg-based N.E.W. Plastics, a second generation family business with more than 200 employees, made the acquisition to expand its Midwestern footprint, according to a release. It is owned by brothers Lynie and Vern Vincent, who used the company’s expertise in plastic recycling technology to pioneer plastic lumber in the 1970s. N.E.W. has $50 million in annual revenue and makes containers, plastic lumber and components from prime and recycled material.
Fulcrum makes custom blow molded containers for the agro chemical, oils and lubes, household and industrial chemicals, personal care and pet care industries. It was founded in 1988 and has 23 employees, all of whom will remain on board at N.E.W. Plastics. Its leaders will head growth initiatives.
“We feel that the services Fulcrum brings to the table aligns with our strategic growth,” said Mike Rekitzke, president and chief executive officer of N.E.W. Plastics Corp. “We anticipate continued growth at both locations and are excited about the additional offerings of products and services for current and prospective clients.”
“We are excited to be joining the N.E.W. Plastics Corp. family,” said Mehta, who is president at Fulcrum. “Our services at Fulcrum will provide an opportunity for growth and increased service to both organizations’ customer bases. We felt this move was a natural fit because of the emphasis placed by both parties on maintaining customer and employee relations and into where we wanted to bring the company.”
Source : biztimes.com