Parkway Products has completed the acquisition of precision plastic injection molding company LMR Plastics from Leonard Industries Manufacturing for an undisclosed price.
LMR Plastics is into manufacturing and supply of custom plastic injection molded products to companies of varied sizes and different types.
The addition of LMR Plastics allows Parkway Products to boost its large tonnage injection molding capability up to 1750T. It will also enhance its product manufacturing offering with the in-mold decorating technology of LMR Plastics.
Through the acquisition, LMR Plastics becomes the eighth North American production operation of Parkway Products and the fifth operation in the southeast.
Parkway CEO Al Ridilla said: “LMR Plastics’ service-driven culture and operational excellence approach aligns with Parkway.
“This combination offers LMR and Parkway customers more manufacturing options and improved solutions to maintain and grow their market-leading positions.”
Parkway says that it will keep the operations of LMR’s Greeneville facility intact. LMR will become a Parkway company and will be operated in cooperation with its existing management team.
According to Parkway Products, LMR Plastics president Bob Leonard will join its board alongside private equity sponsor Capital Partners.
Leonard said: “Our collective depth, capabilities and dedication to improvement make for a strong future for our clients and employees.”
Founded in 1946, Parkway Products provides five custom molded technologies in Thermoplastic Molding, Thermoset Composites, Paint & Laser Etch, High Performance Polymers and Magnesium Thixomolding.
Headquartered in Florence, Kentucky, Parkway Products operates eight production facilities in the US and Mexico and has more than 500 employees.