Livestock equipment company CTB, Inc., headquartered in Milford, IN, USA, has purchased Ironwood Plastics, including both of its manufacturing facilities.
Ironwood Plastics is a provider of precision-molded plastic components serving primarily the industrial, automotive, military and electronics markets. The company operates from a design and production facility in Ironwood, Michigan, and a production facility in Two Rivers, Wisconsin. Terms of the transaction were not disclosed.
The Milford-based company has “a strategy for growth which includes expanding its global physical presence, as well as extending its competitive advantage through accretive acquisitions and/or other beneficial business arrangements, emerging as the best cost manufacturer in the industries it serves, emphasising its product-driven focus, and enhancing its financial strength.”
CTB president and chief executive officer Victor A. Mancinelli commented, “We are very pleased to welcome Ironwood Plastics to the CTB family. Ironwood Plastics is extremely well run and has achieved both a high degree of precision in plastic molding as well as highly successful lean manufacturing implementation.” Mancinelli continued, “Ironwood Plastics’ combination of management and process skill coupled with their wide variety of plastics processes will open many new avenues for us.”
Ironwood Plastics is expected to be integrated into CTB as part of a new business unit known as the Engineered Components Group (ECG).