Custom thermoforming manufacturer Universal Plastics has completed the acquisition of US-based Mayfield Plastics.
The acquisition is expected to help Universal Plastics enhance its custom plastic thermoforming business.
According to Universal Plastics, the reason behind the acquisition is to provide Mayfield with additional management, technical and financial support.
Both Mayfield and Universal will maintain their facilities, brand, employees and procedures.
Universal Plastics stated that its planned investment in Mayfield will enable the company to continue to meet customer needs and support existing business and new business.
The transaction will help both firms to operate with combined capabilities for better productivity and capacity within custom thermoplastic manufacturing.
Universal Plastics owner Jay Kumar said the transaction strengthens both Mayfield and Universal Plastics.
"The combined entity will be among the largest custom thermoformers in the Northeastern United States and with greater scale, we are well-positioned to provide customers with top quality products and excellent service in meeting their thermoformed plastics needs," added Kumar.
"Specifically, this merger will benefit customers through our increased capacity in custom thermoforming, broader range of secondary services in trimming, and enhanced operational efficiencies and value added services.
"Everyone I’ve spoken to at both Mayfield and Universal is excited about this merger and to be working together to meet all of our customers’ plastics needs.
"Above all, we value our relationships with our customers and are committed to maintaining and growing the value that we provide to them."