Kenosha plastic injection molder Xten Industries has acquired the assets of Paramount Plastics LLC in Lockport, Ill.
Paramount is worth $18 million. It was founded in 1990 and has 24 presses of up to 2,000 tons, which it uses to make products for the automotive, industrial, consumer durable, health and fitness and packaging industries.
Xten, a $45 million company, will benefit from Paramount’s large-tonnage molding capabilities and additional presses.
“We are very excited about the addition of Paramount, which greatly increases Xten’s production capabilities and substantially expands our customer base,” said Matthew Davidson, Xten CEO and Co-founder.
Paramount’s employees will stay on with Xten, providing invaluable operational expertise.
“One of the qualities both Xten and Paramount share is our dedication to providing exceptional service,” Davidson said. “Given this common focus, we’re certain Paramount’s current customers will notice no decline in our ongoing support.”
