Automotive parts maker US Farathane Corp. has bought Boston Plastics in a move that will grow its presence in China. US Farathane is backed by PE firm the Gores Group.
Boston Plastics, headquartered in Shanghai, manufactures plastic molded parts for the automotive, industrial and consumer sectors. The target has three production facilities in China.
US Farathane, located in Auburn Hills, Michigan, produces plastic automotive parts for car makers such as Ford Motor Co. (NYSE: F), General Motors Co. (NYSE: GM), Toyota Motor Corp. (NYSE: TM) and Honda Motor Co. (NYSE: HMC).
“We originally partnered with Gores to expand our global footprint and this latest acquisition enables us to directly participate in the large and growing China market,” says US Farathane CEO Andy Greenlee. Earlier in 2016, US Farathane acquired another plastic parts maker in Tepso Plastics Mex. Gores Group purchased US Farathane in January 2015.
In other recent plastic manufacturing deals, AptarGroup Inc. (NYSE: ATR) is acquiring Mega Airless; Carr Management bought Hillside Plastics Inc.; and Charter Nex Films purchased Optimum Plastics Inc.