Parkway Products LLC has expanded the injection molding portion of its business through an acquisition.
Parkway announced on Aug. 28 that it had purchased LMR Plastics, a custom injection moulder in Greeneville, Tennessee, on undisclosed terms. The deal gives Parkway its eighth manufacturing facility in North America and its fifth in the Southeast.
“It’s a good cultural match,” Parkway CEO Al Ridilla said in a telephone interview. “We try to conduct our business with respect and care, and those are LMR’s values too.”
Both companies are service-minded and strive for operational excellence, said Ridilla.
The Greeneville facility complements Parkway’s geographic coverage in the southeastern United States. It also increases Parkway’s available press clamping force to 1,750 tons and adds in-mold labeling to the company’s tooling set.
Parkway now has 207 injection molding machines. Around 200 of the 500 employees work in injection molding. It now makes injection molding in Seneca, SC; Greeneville, Tennessee; Fort Collins, Colorado; Marietta, Georgia, where it operates two molding lines; and Saltillo, Mexico. The acquisition brings Parkway’s injection molding sales “well in excess of $ 100 million,” said Ridilla.
“This combination gives LMR and Parkway customers more manufacturing options and improved solutions to maintain and expand their market leadership,” said Ridilla.
In addition to conventional thermoplastic compression molding, Parkway forms high-performance polymers, performs compression molding and other thermosetting processes, magnesium thixomolding, laser etching and painting.
“We can come to a customer with a number of processing options,” noted Ridilla of Parkway’s headquarters in Florence, Kentucky.
Parkway’s customer list does not overlap with LMR’s list, Ridilla said. Parkway sells in the energy and infrastructure markets, as well as in the aerospace and defense, technology, automotive, healthcare and industrial sectors. LMR’s key markets include filtration, lawn care, automotive, dental and telecommunications.
Ridilla said that both companies primarily use Toshiba transfer presses and they will be able to swap the best injection molding processes with the machines. LMR operates a complete tool shop, although both companies outsource when it makes sense.
Parkway’s origins date back to 1946, but the company got into plastic molding in 1957. Through several acquisitions and internal growth, it expanded its geographic reach and technology base. Private Equity Capital Partners of Norwalk, Connecticut, acquired a majority stake in Parkway in 2015.
LMR invested in higher printing tonnages a few years ago. It was owned by Leonard Industries Manufacturing LLC which continues into its other contract manufacturing and manufacturing services businesses such as packaging and distribution.
“We thought about where business should go, be it expansion or acquisition,” said LMR President Bob Leonard in a telephone interview. “We started talking to Parkway and found their culture matched ours.”
Leonard joins Parkway as a consultant.