Milwaukee-based Tulip Richardson Manufacturing (TRM) has been acquired by Georgia-based company Stryten Energy LLC, an energy storage solutions provider. The deal was completed on Dec. 6.
According to a press release from both companies, the acquisition will allow Stryten to bolster its existing battery component manufacturing. Stryten will be able to utilize the plastics recycling, engineered resins production and plastic molding capabilities of TRM.
TRM has three certified operating divisions: plastic injection molding, engineered resin and cold form lead. In addition to the Milwaukee headquarters at 714 E. Keefe Ave., there are locations in Buffalo, New York; Columbus, Indiana; and Niagara Falls, New York.
All four locations will join Stryten Energy’s battery and manufacturing facility footprint under the Stryten Energy company name.
Terms of the deal were not disclosed.
According to company leadership, there are no plans at this time to make changes to the organization and Stryten plans to keep all facilities open following the acquisition.
“We are pleased to join the Stryten Energy team and are confident under their ownership, we will have the operational expertise and strong financial backing needed to accelerate the expansion of production capacity across our manufacturing footprint to better serve our customers,” said Craig Kellogg, chief executive officer of Tulip Richardson Manufacturing. “TRM’s customers and partners will benefit from Stryten Energy’s focus on manufacturing excellence and delivering quality products and service.”
Tim Vargo, chief executive officer of Stryten Energy, said his team is excited to welcome over 500 TRM employees as part of the acquisition. Stryten Energy had 2,000 employees prior to the acquisition of TRM.
“TRM has been a valued supplier to Stryten Energy and is key to helping grow our manufacturing capacity of premier energy storage solutions,” Vargo said. “Stryten Energy is committed to expanding output and maximizing capacity to deliver the materials and components TRM’s customers need now and into the future.”