WINDSOR, ON, Dec. 5 -- Mold and die manufacturer Reko International Group Inc. will acquire a 49% equity interest in TMC (The Mold Company), a small mold operation in Romeo, MI. TMC is a MMBDC (Michigan Minority Business Development Council)-certified manufacturer of injection molds for automotive and consumer markets.
Under the agreement, TMC president Ken Potter will retain his 51% ownership and remain in charge of daily operations. The transaction is expected to be completed by Jan. 31, 2003.
TMC, which employs about 12, has previously done work for Reko. "We hope that by aligning with us, they can grow their busienss," said Michael Dunn, Reko's vp. of finance. TMC currently has sales of about CAD $1.5 million (US $961,000). According to Potter,"the partnership with Reko provides both the financial support and the broad sales and marketing penetration to allow TMC to achieve its growth opportunity."
Reko is a publicly-traded company with a workforce of 450 and sales of CAD $75 million (US $48 million). Reko designs and manufactures precision molds, dies, metal stampings, and other related tooling. It operates 13 facilities; 12 in southwest Ontario and one in Michigan.