Arkansas plastic-maker Micro Plastics Inc. has been acquired by component-maker Essentra PLC, based in the United Kingdom. According to the Arkansas Democrat Gazette, the privately owned Micro Plastics in Flippin, employs about 400 workers and has been in the city since 1975, according to the company website. Founded in 1961 in the Chicago suburbs, Micro Plastics today operates a 230,000-square-foot factory in Flippin and produces 10,000 items, including screws, nuts, washers, spacers and other items. It also has a manufacturing and warehouse operation in Monterrey, Mexico.For the fiscal year that ended on June 30, Micro Plastics booked earnings of $1.7 million on revenue of $26.8 million, according to a release.
Tom Hill, owner of Micro Plastics and son of the company founder Roy Hill, confirmed that the sale of the company closed Wednesday. He referred further questions concerning the deal to the corporate offices of the company's new owner, Essentra PLC.
The specifics of the deal were not announced, but according to a release Micro Plastics was acquired on a cash-free, debt-free basis, funded from existing facilities. Attempts to reach representatives of Essentra by email were unsuccessful Wednesday afternoon.
"The acquisition of Micro Plastics is consistent with our strategic objective in components of identifying value-adding acquisition growth opportunities to consolidate our position as an expert manufacturer and distributor of a worldwide range of low cost components," Paul Forman, chief executive officer of Essentra, said in the release. "In addition, through the site in Monterrey, we will extend our manufacturing footprint and gain access to a number of high growth end-markets -- such as white goods and automotives in Mexico."
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