Fortis Plastics has added a Mexican injection molding facility - whose clients include Whirlpool and Black & Decker - to its portfolio.
Fortis' parent company, New York private equity fund Monomoy Capital Partners, says it has acquired Moll Ramos from Moll Industries Inc. Terms of the deal were not disclosed. Monomoy immediately integrated Moll Ramos into Fortis' operations.
Moll operates a 136,000 square foot injection molding facility in Ramos Arizpe, Mexico, approximately 50 miles west of Monterrey, in an industrial zone that houses significant manufacturing operations for Whirlpool, Fortis' single largest customer, John Deere, Carrier and Black & Decker. Moll Ramos currently services Mexican and U.S. appliance makers including Mabe Mexico, the world's third largest consumer appliance company and the manufacturer of GE Appliance and Kenmore appliances sold in the United States.
The Ramos acquisition will allow Fortis to grow with Whirlpool and other existing customers in Mexico, expand with Mabe throughout Latin America and provide new customers with a financially sound Mexican sourcing option with little or no exposure to the automotive sector, according to a press release from Monomoy's public relations firm
“The custom plastic molding sector remains highly fragmented and profoundly challenged by current economic conditions and the collapse of the automotive industry,” said Mayank Singh, a Monomoy vice president. “There has never been a better time to consolidate the industry or to provide Fortis' manufacturing customers with a stable supplier of critical plastic components.”
Fortis - a combination of the former molded products division of Atlantis Plastics and the former L&P Plastics – was launched by Monomoy after it acquired both companies in late 2008. Monomoy has been considering Henderson, Kentucky for its Fortis headquarters (see http://www.mfrtech.com/articles/1664.html). A spokesperson for the firm said there was no timeline for making that decision. The state of Kentucky is offering $4 million in tax incentives to lure the project.
According to filings with the state, Fortis is looking to restructure operations to stay competitive. The company recently announced it plans to shut down its profile extrusion operation in Elkhart, Indiana by the end of March and shift the work to its facility in South Bend. ( see http://www.mfrtech.com/articles/1724.html)
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