Milwaukee-based Wisconsin Thermoset Molding Inc. has acquired Rose Polymer Composites LLC, also of Milwaukee. Both are contract molding companies, with WTM focusing on electrical/power transmission and commercial construction and Rose Polymer specializing in oil/gas and mass transit.
According to the U.S. Small Business Administration, B.C. Miller Holdings LLC recently received two loans from Community Bank and Trust, one for $2.48 million to acquire Rose Polymer and the other for $230,000 to acquire its property at 5915 N. 55th St. Boyd C. Miller is the president and owner of WTM.
WTM vice president of sales Andy Stroh confirmed the acquisition, saying it was completed in December.
“It augments our expertise in all the crucial facets of a compression molding business. We are able to broaden our range of molding capability in terms of size and complexity,” said Stroh, adding that WTM’s finishing capabilities will be enhanced and its supplier base increased.
Stroh, who declined to comment on the financial details, considers the deal more of a merger than an acquisition. He also said that he, Miller and the owners of Rose Polymer, Mike Byrne and Bob Uhren, will remain the principal members of the new entity.
For now, both companies, each with approximately 40 employees, will continue to operate as usual in their respective locations and with their respective company names and management teams, according to Stroh.
“Not a whole lot will change right away operationally,” he said. “Our eventual plan is to bring (the companies) together over the course of the next couple years and at some point be under one roof and one management structure.”
Due to the large size of Rose Polymer’s equipment, however, Stroh said WTM could not move Rose Polymer’s operations into its facility at 900 E. Vienna Ave. Thus, both companies may ultimately move into a new facility.
Currently Rose Polymer’s square footage is approximately 7,500, with another 10,000 square feet of leased space nearby. WTM is roughly 38,000 to 40,000 square feet.
As for the one management structure, Stroh said it will be combined of management from both companies.
“I do know that our group won’t replace their group, and their group won’t replace our group,” he said.
Stroh said the combined revenues exceed $10 million, and he expects the companies together to grow at 5 percent to 10 percent a year. To support the growth, he anticipates more employees will be hired in the near future.
