Michigan Company Acquires Techniplas Ankeny Plant

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Revere Plastics Systems LLC acquired the Ankeny plant from Techniplas LLC, hoping to expand its customer base and restore the plant’s workforce, company officials said.

The acquisition was part of the Novi, Mich.-Based firm’s purchase of other Techniplas facilities as part of Techniplas’ bankruptcy process. Revere also purchased the Techniplas plant in Auburn, Alabama, increasing its manufacturing footprint from five to seven sites. It also operates in Clyde, Ohio; Jeffersonville, Indiana; Fraser, Michigan; Poplar Bluff, Missouri; and Brampton, Ontario.

Revere employs more than 1,000 people in its manufacturing, technical and commercial facilities, according to a statement.

The acquired facilities will focus on plastic injection molding for automotive, exterior electrical equipment, medical, HVAC and other markets.

Revere CEO Glen Fish said in a statement that the acquisition gives the company a presence where demand already exists. It will also allow the company to expand its customer base, he said.

According to the statement, the new factories will be operated as Revere facilities using existing equipment, manpower and infrastructure.

“We are a very community driven company,” said Fish. “We look forward to starting operations as soon as possible. “

Doug Drummond, vice president of sales and marketing for Revere, said the Ankeny site fits into Revere’s growth plans.

“Having a facility in this area immediately gives us the opportunity to serve our existing customer base, but it also gives us access to other businesses and industries in these geographies that are really attractive to Revere’s overall growth plans,” said declared Drummond. the commercial file.

He said he didn’t know the immediate level of employment at the Ankeny site, but that Revere plans to keep as many employees as possible.

“Operationally, we are doing everything we can to keep as many employees as possible because they are a great success of this facility,” he said.

Drummond stated that although Revere acquired the facilities, equipment and workforce from Techniplas, it did not acquire its customers. He said Revere is working diligently with clients who have done business with Techniplas, and said some of that business is already starting to return.

“We will try to restore employment levels as high as possible,” Drummond said. “All the infrastructure, support, and operators are there right now, so it’s not a closed facility, that’s for sure.”

Although Drummond couldn’t come up with a timeline, he said Revere hopes to expand its customer base and employment levels at the Ankeny plant.

“Our goal is not only to build the plant, but also to find ways to add more,” he said.

Techniplas, based in Nashotah, Wisconsin, filed for Chapter 11 bankruptcy in May after a failed deal with a private equity firm as the coronavirus pandemic tightened its grip on the nation.

According to the Milwaukee Biz Times, Techniplas had $ 175 million in outstanding bonds due May 1 and more than $ 17 million in loans owed under a credit agreement.

The company had 721 employees when it filed for bankruptcy. He had released 190 more just before the filing of the case as he began to close factories in Ankeny and Auburn. Although the company’s Wisconsin and Iowa operations saw a combined increase in sales last year, the company suffered a net loss of $ 21 million in 2019.


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