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Three injection molding businesses merge to form PSI Molded Plastics

GI Plastek Corp., Precision Southeast Inc. and its subsidiary Plastic Solutions Inc. have merged to form PSI Molded Plastics.

Gladstone Investment Corp., which owned the individual companies, is the owner of PSI Molded Plastics. Daniel Mills, former president and CEO of Wolfeboro, N.H.-based GI Plastek, will serve as president and CEO of the newly formed company. Mills had been a board member of Precision Southeast since 2016, which fostered communication between the organizations.

"We are very excited about this opportunity to bring together these companies and the talented people within them to provide our customers with an in-depth solution to their injection molded plastics needs," Mills said in a Dec. 4 news release. "We appreciate Gladstone's support in this merger and its continued investment in our growth."

The merger expands capabilities by enabling increased production of small and large injection molded components at various volumes.

"GI Plastek's focus is medium- to larger-sized parts and often at lower volumes," Rick Collopy, a former GI Plastek executive who is now vice president of sales and marketing at PSI Molded Plastics, said in an email interview. "Customers working with GI Plastek often had smaller parts that they needed to source, but it was outside our capabilities."

Precision Southeast and Plastic Solutions, on the other hand, specialize in small parts that can support that need, Collopy added.

The merger brings the company's total injection molding machine count to 104, with clamping forces ranging from 22-1,574 tons. Collopy said an additional 2,100-ton press is arriving later this month.

PSI Molded Plastics molds aesthetic parts for automotive applications, health care equipment enclosures and material handling equipment, housings for the filtration market, various components for industrial applications and consumer products. The company has manufacturing facilities in Wolfeboro; South Bend, Ind.; and Myrtle Beach and Marion, both in South Carolina.

"The reason for the merger is to grow the company at each location," Collopy said. "We will be investing in new equipment and technology as needed to support business growth and are open to acquisitions that support our strategy."

GI Plastek ranked No. 221 in Plastics News' North American injection molder ranking. The company had estimated $23 million in sales for 2016.

Precision Southeast ranked No. 131 in the injection molder rankings, with an estimated $50 million in sales last year, according to Plastics News data. Precision Southeast purchased Plastic Solutions in 2015.

» Publication Date: 06/12/2017

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