CTB, Inc. Announces Acquisition of Ironwood Plastics
MILFORD, Ind., December 23, 2010 – CTB, Inc. (www.ctbinc.com) today announced that it has purchased Ironwood Plastics, Inc. (www.ironwood.com), including both of its manufacturing facilities. Ironwood Plastics is a leading provider of highly engineered, precision-molded plastic components serving primarily the industrial, automotive, military and electronics markets. The company operates from a 60,000-square-foot design and production facility in Ironwood, Michigan, and a 25,000-square-foot production facility in Two Rivers, Wisconsin. Terms of the transaction were not disclosed.
Ironwood Plastics was founded by Gordon Stephens together with his eldest son, Mark Stephens, in 1979. After Gordon’s retirement in 1999, Mark and his brothers, Rob Stephens and Scott Stephens, operated the company as co-presidents. Rick Faustich later joined the management team as vice president of operations. Mark Stephens and Faustich will continue managing the business after the acquisition. Rob has left the company to pursue other business interests, and Scott plans to do so as well after assisting in the transition.
CTB president and chief executive officer Victor A. Mancinelli commented, “We are very pleased to welcome Ironwood Plastics to the CTB family. Ironwood Plastics is extremely well run and has achieved both a high degree of precision in plastic molding as well as highly successful lean manufacturing implementation.” Mancinelli continued, “Ironwood Plastics’ combination of management and process skill coupled with their wide variety of plastics processes will open many new avenues for us.”
Mark Stephens added, “In CTB, Ironwood Plastics is delighted to have found a strong business partner with a common focus on leading through innovation. In addition to introducing Ironwood Plastics to the agricultural market, joining CTB will also provide continuity and stability in the coming years for our employees and customers as well as for the communities in which we operate.” “Our company is known for its engineering expertise in the plastics industry, and we are excited about leveraging CTB’s international experience to help us expand our sales beyond the United States and Canada,” Stephens concluded.
Both of Ironwood Plastics’ facilities are ISO 9001:2008 certified. The company has operated under some version of ISO 9000 quality standards since 1998. Ironwood Plastics specializes in close tolerance molding, insert molding, reel-to-reel molding, overmolding, foam in place, high-temperature materials, tooling/engineering, laser scanning and secondary operations.
Ironwood Plastics is expected to be integrated into CTB as part of a new business unit known as the Engineered Components Group (ECG). CTB’s existing Value-Added Processing (VAP) unit will report to Mark Stephens as part of the new Engineered Components Group. No changes in staff levels are anticipated as a result of the acquisition.
CTB, Inc. is a leading global designer, manufacturer and marketer of systems and solutions for the poultry, pig, egg production, and grain industries. Its products and services are “Helping to Feed a Hungry World®” through improved efficiency and air quality management in the care of poultry and livestock as well as in grain storage, handling, conditioning and drying. Founded in 1952, CTB has been dedicated to “Leadership Through Innovation®” throughout its history. The company operates from multiple locations in various countries around the world and serves its customers through a worldwide network of independent dealers and distributors.
CTB continues to focus on its strategy for growth which includes expanding its global physical presence, as well as extending its competitive advantage through accretive acquisitions and/or other beneficial business arrangements, emerging as the best cost manufacturer in the industries it serves, emphasizing its product-driven focus, and enhancing its financial strength. The company became a wholly owned subsidiary of Berkshire Hathaway Inc. in 2002.