Wausaukee Composites, Inc. Acquires Nero Plastics, Inc.
December 3rd, 2007
WAUSAUKEE, WISCONSIN – Wausaukee Composites, Inc. announced today that it has acquired Nero Plastics, Inc. of Owosso, Michigan. Nero Plastics is a custom molder of low and medium volume structural plastic and composite components. The Company provides comprehensive product design, prototyping, tooling, and manufacturing solutions to its customers from a variety of molding processes, including Resin Transfer Molding (RTM), Vacuum Assisted Resin Transfer Molding (VARTM), Sheet Molding Compound (SMC), Liquid Composite Molding (LCM), and Reaction Injection Molding (RIM). Nero Plastics serves original equipment manufacturers (OEM’s) in the heavy equipment, mining, heavy truck, mass transit, medical, and sporting goods industries. Nero Plastics is based in Owosso, Michigan, where it has approximately 180 employees in two facilities. Nero Plastics reported sales of $17.5 Million in 2006.
Commenting on the acquisition, David Lisle, President and CEO of Wausaukee Composites, said, “We have developed great admiration and respect for Nero Plastics’ technical molding competencies over the years, and we are fortunate to now have the opportunity to combine Nero’s strengths with our own in the marketplace. The combination of Wausaukee Composites and Nero Plastics will be highly complementary. Nero Plastics brings additional capacity with respect to our core composites molding capabilities, and also provides additional competitive strength in some molding processes where Wausaukee Composites has limited experience. This business combination will expand the array of comprehensive structural plastic molding solutions that Wausaukee Composites provides to its Global Fortune 500 customer base.”
Brad Faber, Chairman and Founder of Nero Plastics, will stay with the company until 2008, in order to ensure a smooth and seamless transition to new ownership. “Brad Faber built a well-admired company in Nero Plastics, and he has made tremendous contributions to the composites industry since he founded Nero in 1980. I am proud and honored to accept the Nero torch from Brad, and we are looking forward to taking the company to new levels of success in the future,” said Lisle. Also related to this transaction, Kevin Hughes has been named Vice President, Wausaukee Composites – Owosso Division.
This strategic acquisition will accelerate Wausaukee Composites’ growth in the North American structural plastics marketplace. Wausaukee Composites anticipates adding jobs at Nero’s Owosso facility over the coming years. “We are continuing to expand our manufacturing operations in North America, in order to meet increased customer demand in our low to medium-volume, highly-engineered, custom molded product segments,” said David Lisle.
About Wausaukee Composites
Wausaukee Composites is a leading manufacturer of highly engineered composite plastic and fiberglass components for Original Equipment Manufacturer (OEM) customers in the Industrial Truck and Tractor, Mass Transit, Wind Energy, Medical Imaging, Commercial Furnishings, Therapeutic Systems, Recreation, and Corrosion-Resistant Materials Handling industries, worldwide. Core processes include Open Molding, Light Resin Transfer Molding (LRTM), Vacuum Infusion Molding, Resin Transfer Molding (RTM), Vacuum Assisted Resin Transfer Molding (VARTM), Sheet Molding Compound (SMC), Liquid Composite Molding (LCM), and Reaction Injection Molding (RIM) of composite components. The ISO 9001:2008 certified company offers full service design, tooling, prototype development, product manufacture, and value-added secondary assembly services.
Wausaukee Composites operates four manufacturing facilities in Wisconsin and Michigan, where it provides manufacturing jobs for more than 400 employees. Wausaukee Composites is a subsidiary of Sintex Industries, Ltd., a multi-national manufacturer and distributor of structural plastics and textiles, with manufacturing operations located in North America, Europe, and India.
Contact
David A. Lisle, President & CEO
Wausaukee Composites, Inc.
(715) 856-6321
