CEO Michael Engler: "Upon acquisition of the four businesses, we immediately infused additional capital to expand infrastructure, implement more automation and install new electric molding machines to increase capacity."
Packaging leader ProAmpac and diverse processor Tekni-Plex set the pace for plastics mergers and acquisitions with multiple deals in the second half of 2021.
Tide Rock said PMT will join Pikes Peak and Altratek to form a new plastics injection molding company that serves the industrial, energy, electronics, telecommunications, medical and automotive industries.
Texas injection molder Plastic Molding Technology Inc adds 10 presses to accommodate new business plasticsnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from plasticsnews.com Daily Mail and Mail on Sunday newspapers.
Processors hunt for resin as shortages continue
Chevron Phillips polyethylene plant in Old Ocean, Texas.
Resin shortages are affecting North American processors as materials makers look to recover from the February ice storm that hit the Gulf Coast.
Most resin makers have warned customers and placed force majeure sales limits because of their inability to produce at full rates. Delivery times also have been extended in many cases. Pressure for higher prices on most commodity resins is expected to continue in March and April.
The shortages have negatively impacted our delivery performance with customers, said Charles Sholtis, CEO of injection molder Plastic Molding Technology Inc. in El Paso, Texas. We are working with our customers and suppliers to come up with alternative material solutions, since it appears to be a long-term issue with tight supply and high demand.