HOLLAND — A West Michigan-based injection molder has acquired the assets of a Texas manufacturer out of bankruptcy.
According to a statement, Clarion Technologies Inc. of Holland acquired the assets, business and operations of Garland, Texas-based GTM Plastics Inc. in a section 363 sale.
The deal closed earlier this month. The acquisition adds a third manufacturing location for Clarion, in addition to sites in Anderson, S.C. and Greenville, Mich., as well as clients in the HVAC industry, a new market for the company.
Currently, Clarion mainly serves the automotive, appliance and medical device industries. The company expects to invest about $2 million in new equipment at the Texas facility.
“We bought GTM primarily because of its location,” said John Brownlow, President of Clarion. “GTM puts Clarion in the southwest U.S. and closer to our customers in Mexico.”
Brownlow told Plastics News that the deal will boost Clarion’s annual sales to $65 million.
Clarion was advised on the deal by BlueWater Partners LLC and the law firm of Varnum LLP. Molding Business Services served as the financial adviser to GTM Plastics.