MOSCOW (MRC) -- Injection molder US Farathane Corp. has staked out more international territory by acquiring Shanghai-based Boston Plastics, said Plasticsnews.
The firm finalized the purchase Jan. 22 for undisclosed terms, a spokesperson said. The Jan. 27 announcement of the deal came two weeks after Farathane revealed it bought Tepso Plastics Mex to give it two manufacturing plants in Mexico.
Boston Plastics does injection molding and assembly in Shanghai, Taicang and Changchun. About half its business is molding automotive parts such as interior components, with the rest split between industrial and other markets. It was established in Singapore in 2005.
Farathane’s international profile is expanding a year after private equity Gores Group acquired the company. Gores’s principals have experience in Asia and other markets and are helping guide Farathane’s growth. A spokesperson said Farathane is now looking at Eastern Europe for a potential manufacturing location.
Farathane said the China deal puts it into the largest global auto market in the world, and will help the firm serve carmakers in both the United States and China.
"The acquisition will enable us to increase US Farathane’s immediate reach into the China market, while simultaneously opening up new business with direct OEMs," said Boston Plastics general manager Eddie Chia in a news release.
The latest deal gives Farathane a total of 16 manufacturing plants in China, Mexico and the United States. It is headquartered in Auburn Hills, Mich.
Stout Risius Ross Advisors LLC and Mummert & Co. served as financial advisers to Boston Plastics.
With 16 manufacturing facilities in the United States, Mexico, and China and headquartered in Auburn Hills, MI, US Farathane Corporation is a leading solutions partner to the North American automotive OEMs providing functional black plastic and interior and exterior plastic components. US Farathane is ISO 9001 and ISO 14001 certified as well as TS 16949 certified. US Farathane customers include FCA, Ford, General Motors, Honda, Toyota, and several other large global OEMs.
MRC