Injection molding company makes acquisition
A custom injection molding company in the region has made an acquisition that will strengthen its capabilities in the southeast U.S. and diversify its customer base.
Wright Plastics Products in Sheridan, northeast of Greenville, finalized its acquisition of Madisonville, Tenn.-based Hope Industries, a custom injection molding company, on Feb. 20.
BlueWater Partners in Grand Rapids acted as the financial advisor to Wright Plastic Products on the transaction.
Terms of the deal were not disclosed.
Bob Luce, president of Wright Plastics Products, called the acquisition “ideal.”
“A key part of our corporate strategy has been to add capacity in the southeast to serve the growing automotive and manufacturing industries in the region and to diversify our customer base in the process,” Luce said.
In return, Hope Industries will benefit from Wright’s financial and operational management strengths and automotive experience.
John Houvenagle, president of Hope Industries, said that Wright also offers a wider range of molding capabilities, which Hope’s customers will now benefit from.
Wright intends to grow Hope.
Under the agreement, Houvenagle will remain at Hope Industries for two years. At that point, Mike Spence, currently operations manager, will take over leadership.
No other leadership or employment changes are expected at either company, other than hiring.
“On behalf of all our staff, we’re excited to be part of the Wright family and look forward to working together to grow our combined companies,” Houvenagle said.
Wright Plastics Products makes technically demanding molded products for various industries, including automotive and defense.
Its value-added services include design, engineering, program management, mold making and repair, welding, in-mold decorating and assembly.
Wright also operates a facility in St. Clair.
Hope Industries produces close-tolerance parts for several industries, including automotive and appliance, from a variety of engineered resins and custom colors.
It serves a strong existing group of automotive and manufacturing customers.