August 28, 2017 – Parkway Products, LLC announced that it has completed the acquisition of LMR Plastics from Leonard Industries Manufacturing, LLC. The Greeneville, TN business adds large tonnage injection molding capability, up to 1750T, and in-mold decorating technology to Parkway’s product manufacturing offering. The location becomes the company’s eighth North American production operation and fifth operation in the southeast.
“LMR Plastics’ service-driven culture and operational excellence approach aligns with Parkway,” says Parkway CEO Al Ridilla, “this combination offers LMR and Parkway customers more manufacturing options and improved solutions to maintain and grow their market-leading positions.”
It is vital to both businesses that the client-customers and employees experience a seamless transition. Parkway will continue operation of the Greeneville facility as LMR, a Parkway Company, in cooperation with the on-going management team. LMR Plastics President Bob Leonard will join the Parkway Board with private equity sponsor Capital Partners.
“We are excited about LMR joining together with Parkway and Capital Partners,” commented LMR President Bob Leonard, “our collective depth, capabilities and dedication to improvement make for a strong future for our clients and employees.”
About Parkway Products
Parkway Products, founded in 1946, is a diversified manufacturer offering five custom molded technologies that include Thermoplastic Molding, High Performance Polymers, Magnesium Thixomolding, Thermoset Composites, and Paint & Laser Etch from 8 production facilities in the United States and Mexico. With over 500 dedicated employees, Parkway serves industry leaders in the Energy & Infrastructure, Industrial, Aerospace & Defense, Technology, Automotive, Lawn & Garden, and Healthcare markets.
About Capital Partners
Capital Partners is a private investment firm founded in 1982. The principals have invested in more than 75 platform and add-on acquisitions across a variety of industries. Based on the combination of solid investment discipline and a low leverage approach, the firm has successfully partnered with management teams through multiple economic cycles.