PRISM Plastics, a leading high-precision plastic product company, has acquired Meadville, Pennsylvania-based Tech Molded Plastics, Inc., a full-service injection molded plastics company specializing in tight tolerance precision molding and production injection molds. PRISM Plastics President Rod Bricker made the announcement.
“PRISM Plastics continues to experience a strong and steady growth trajectory fueled by our commitment to The PRISM Way—an operational mindset geared toward lean manufacturing processes, automated technologies, and embedded quality control measures that result in best of class standards of quality for our clients at every touch point,” said Bricker. “In acquiring Tech Molded Plastics, we recognized a strategic opportunity with a company that shares our philosophies regarding manufacturing, business, family, and culture to further expand our capabilities and capacity to fuel future growth.”
Founded in 1973, Tech Molded Plastics focuses on precision injection molding to the automotive, medical, consumer, electronics, and aeronautics industries. Tech Molded Plastics runs 37 injection-molding machines, with clamping forces from 33 to 440 tons. Through this acquisition, PRISM Plastics will effectively double its size in terms of sales. The move will give the organization immediate access to a proven and sophisticated team of professionals while also adding in-house mold building capabilities to the company’s service offerings.
“We’re confident that this acquisition will prove to be mutually beneficial in helping both organizations accomplish more together than they could have separately,” said Tech Molded Plastics CEO Scott Hanaway. “PRISM Plastics has a strong reputation throughout the industry and we couldn’t think of a better company to align ourselves with moving forward.”
Tech Molded Plastics was the Plastics News 2013 Processor of the Year award winner. PRISM was a finalist in 2014 while receiving the Excellence in Customer Service Award.
Source : ttmp.com