FARMINGTON HILLS, MI, Dec. 19 -- Injection molder Key Plastics has acquired the assets of Soo Plastics, a Sault Ste. Marie, MI-based injection molding company. Terms of the agreement, which still requires final court approval, were not disclosed.
Soo Plastics, founded in 1979, originally entered the auto supply market with General Motors. The company supplies numerous products to General Motors and several Tier 1 suppliers, primarily for underhood applications.
Key Plastics president Daniel Ajamian said the company purchased Soo because of its strong relationships with customers, its long-term supply agreements, and new business awards. He added that Soo expands Key Plastics' product offering, particularly in underhood applications.
Soo's major customers include General Motors, Mark IV, TKA-Fabco, CK-GM, and Delphi. The company's revenue for fiscal 2002 was $28.8 million.
After emerging from Chapter 11 reorganization, the company views the deal as an important step in its recovery and growth within the automotive industry. Key Plastics, which is owned by Dallas-based Carlyle Management Group, has annual revenues of $525 million and operates 25 manufacturing facilities.