Marmon Engineered Components Co. has acquired plastics parts maker Prism Plastics from Altus Capital Partners for undisclosed terms. The buyer is owned by Warren Buffett's Berkshire Hathaway (NYSE: BRK.A).
Chesterfield, Michigan-Prism, founded in 1999, makes injection molding plastic parts for the automotive, industrials and medical sectors. Altus acquired the company in 2014 and in 2016, Prism purchased Tech Molded Plastics.
Marmon, located, in Chicago is a diversified industrials manufacturer. The company operates four divisions: Marmon Energy Services Co.; Marmon Engineered Components Co.; Marmon Food, Beverage & Water Technologies Co. and Marmon Retail & Highway Technologies Co. Marmon makes parts for food equipment, electrical and plumbing supplies, and commercial vehicles.
Demand for plastic parts has been rising. Berry Plastics Group Inc. (NYSE: BERY) acquired rival AEP; Turnspire Capital purchased United Plastics; Wind Point and Ontario Teachers' Pension Plan bought Aurora Plastics.