McClarin Plastics invests in Custom Composites in Oklahoma
US-based manufacturer McClarin Plastics has invested in Oklahoma-based Custom Composites, which produces polypropylene and composite fibreglass goods.
Financial details of the transaction have not been divulged by both companies.
For this acquisition, McClarin partnered with MetaFund, an Oklahoma City-based private equity firm that owned Custom Composites.
According to McClarin Plastics, the acquisition would further strengthen its position in central as well as south-west regions in the US.
With the acquisition, McClarin not only has also enhanced its geographic coverage across the US but also helped the company to include a variety of custom-designed and composite manufacturing methods in its processes.
McClarin Plastics CEO Jerry Armstrong said: "The opportunity to expand operations to serve Oklahoma and surrounding states is a tremendous benefit to McClarin Plastics, and more importantly, our customers.
“We've experienced continued demand for our highly engineered products and this is the next step in improving our delivery and production capabilities in that area.
“Through the acquisition of Custom Composites, McClarin will be able to hit the ground running and leverage a state-of-the-art facility and an experienced team of employees."
In addition, McClarin Plastics also intends to make further investments into Custom Composite's new 83,000ft² production facility and is planning to create 50 additional employment opportunities at the facility over the next several years.
For this initiative, the company also received economic development incentives from Oklahoma City council.
Both McClarin and Custom Composites will continue to offer composite products to the industrial equipment, construction, rail, transportation, energy, agricultural and medical industries.