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The announcement comes just weeks after Mold-Rite acquired Stull Technologies, a New Jersey-based manufacturer of dispensing closures, caps, lids, and packaging components. Both transactions serve to broaden Mold-Rite Plastics’ product line, geographic reach and manufacturing capabilities while adding talented personnel to its organization.
Founded in 1971, Weatherchem established itself in the packaging industry with its creative line of plastic dispensing closures for containers and bottles. Mold-Rite Plastics, which is owned by private equity firm Irving Place Capital, will retain the Weatherchem name to leverage the company’s substantial brand equity as they have done with Stull Technologies.
For Mold-Rite, the acquisition of Weatherchem is part of a larger expansion plan that includes both organic growth and acquisitions, and builds upon the company’s standards of providing customers with reliability, a superior customer experience and innovation.
“Our mission is to enhance our customers’ experience through superior packaging solutions delivered with unprecedented flexibility and responsiveness, and bringing Weatherchem into our family exemplifies our commitment to that goal,” said Brian Bauerbach, President and CEO of Mold-Rite Plastics. “Joining with an innovative company such as Weatherchem further adds to our high level of customer-focused value, and we are excited to be able to provide these new products and capabilities to our customers.”
“Uniting with Mold-Rite Plastics will allow us to improve the overall value we bring to our customers through an expanded company reach and products that naturally complement one another,” said Jennifer Altstadt, President of Weatherchem Corporation.
P&M Corporate Finance (PMCF) served as financial advisor to Weatherchem.