Private equity firm acquires Phillips Plastics
Posted: December 17, 2010
Mount Kisco,NY-based Kohlberg & Co., a private equity firm, has purchased the assets of Phillips,WI-based Phillips Plastics Corp. Phillips Plastics has local operations in Eau Claire, Menomonie, Hudson, Prescott and New Richmond.
"Today we go forward under new ownership, but our commitment remains the same - to provide our customers with a resource for state-of-the-art technology and engineering expertise that will give their products a competitive edge in the marketplace," said Phillips Plastics Corp. CEO Brad Wucherpfennig, who will continue to lead the company. In a statement, Kohlberg said it plans to maintain all current operations and retain the entire management team.
Phillips Plastics, which has 1,200 employees, is a global, high-tech contract manufacturer and custom injection molder of plastic and metal with annual sales in excess of $275 million. The firm, which was established by Robert Cervenka and Louie Vokurka in 1964, serves the medical, defense, consumer and automotive industries.
In Eau Claire, Phillips Plastics operates its Multi-Shot facility in the Sky Park Industrial Center at 1224 International Drive. The 76,800-square-foot building has 36 presses in operation. The company also has a 55,000-square-foot Magnesium Injection Molding operation that moved from Menomonie to the Sky Park Industrial Center in 1996.
In Menomonie, the company has a 30,200-square-foot Metal Injection Molding facility 422 Technology Drive East; Phillips Medical, a 120,000-square-foot complex that recently underwent a 30,000-square-foot expansion; and the 47,400-square-foot Origin Center in the Stout Technology Park.
The Origin Center was established in 1995 to support training, new business incubation and advanced manufacturing capabilities. TBL