Trostel SEG acquires Iowa firm
Trostel SEG, an injection molder in Lake Geneva, has acquired Techniplas of Ankeny, Iowa. Techniplas is a designer and manufacturer of thermoplastic injection-molded products.
Techniplas brings to Trostel SEG complementary products and extended press range, serving the automotive, heavy truck, fitness, medical and general industrial markets, according to Randall Perry, president of Albert Trostel & Sons Co., parent company of Trostel SEG.
"The acquisition of Techniplas represents an important step in our strategy to seek opportunities that expand our rubber and plastic molding platform," Perry said. "The combination of Techniplas and Trostel SEG will provide a much broader range of thermoplastic manufacturing capabilities and further diversify our product lines and markets served."
"The acquisition provides the combined companies with the scale necessary in today’s business environment to take advantage of growth opportunities and further emerge as a leader in the thermoplastics industry," said Thomas Sloane, president and chief executive officer of Trostel SEG.
The combined company will be named Trostel SEG. Techniplas will become "Techniplas, A Division of Trostel SEG." Together, the company will have combined sales of about $30 million and a worlkforce of almost 200.
There are no employee relocations or reductions in the workforce currently planned.
Tom Grimes, founder of Techniplas, said, "The two companies share values and qualities such as excellence in customer service, talented employees, rewarding work environments, innovative thermoplastics solutions and technical expertise."
Trostel SEG (Specialty Elastomers Group) was established in 1957 and is a subsidiary of Albert A. Trostel & Sons Co. Founded in Milwaukee in 1858, Albert Trostel & Sons also owns Eagle Ottawa LLC, a global manufacturer of automotive upholstery leather, and Trostel Ltd., a manufacturer of custom rubber compounds and precision molded seals and components for the appliance, automotive and general industrial markets.
Albert Trostel & Sons is part of the Everett Smith Group, a privately held investment company that also includes Maysteel LLC, and OEM Worldwide. Headquartered in Milwaukee, Everett Smith Group employs more than 6,000 people globally and has operations in the US, Mexico, England, Ireland, Hungary, South Africa, Argentina, Japan and China.
July 25, 2003 Small Business Times, Milwaukee
