Modern Plastics Corporation’s blow molding division has been acquired by SPI Blow Molding, LLC. According to John Doster, the president and owner of SPI, the transaction will preserve approximately 25 local jobs. Cascade Partners (BlueWater Partners) acted as Modern Plastic’s chief liquidation officer to control and manage all assets and operations in the best interests of the company and its stakeholders. In addition to the sale of the blow molding assets, Cascade Partners (BlueWater Partners) is managing the shutdown and liquidation of the company’s compression and injection molding operations.
Modern Plastics Corporation was founded in 1937 and was one of the oldest U.S. plastics processors. The company provided compression and injection molding services from its facility in Benton Harbor, Mich. and extrusion blow molding services from its facility in Coloma, Mich.
SPI Blow Molding, LLC was formed by SPI Industries (www.spi-industries.com) to acquire Modern Plastics’ blow molding division. Founded in 1952, SPI Industries is based in South Bend, Ind., and operates 20 injection molding machines with clamping forces from 50 to 500 tons. The company offers close-tolerance custom molding and prototyping and specializes in nylons, engineered resins, and thermoplastic elastomers.
Cascade Partners (BlueWater Partners) served as the exclusive sell-side advisor for Modern Plastics Corporation.
Update: BlueWater Partners has joined Cascade Partners. Read more here.