Plastic parts supplier acquires Texas company
A West Michigan plastic parts supplier has acquired the assets of a Texas company out of bankruptcy.
Holland-based Clarion Technologies closed the deal this month to acquire Garland, Texas-based GTM Plastics, which filed for Chapter 11 bankruptcy earlier this year.
Terms of the deal were not disclosed.
Clarion Technologies designs, engineers, manufactures and assembles injection-molded products for the home appliance, consumer products and automotive industries.
GTM Plastics, formerly family owned, manufacturers thermoplastic injection-molded parts, and its plant has capabilities for secondary operations in assembly, hot plate and sonic welding, pad printing and hot stamping.
The acquisition brings Clarion’s number of plants up to three, including facilities in Greenville and Anderson, South Carolina.
John Brownlow, the president of Clarion Technologies, told Plastics News this month that his company will spend $2 million upgrading the Garland plant, and once it re-opens, it will bring the company’s annual sales to about $65 million and better assist Clarion in reaching its existing customers in Mexico.