Interplastic Corporation Announces its Purchase of Mahogany Distribution Company of Mays Landing
Oct 9, 2006
St. PAUL, MN -- Interplastic Corporation announced that it has signed a Letter of Intent to purchase the composite materials distribution business assets of Mahogany Company of Mays Landing, Inc. Mahogany operates two distribution centers in Mays Landing, NJ, and stocking locations in Everett, PA and Duncan, SC. Terms were not announced. The sale is expected to close at the end of ovember.
The business being purchased distributes a variety of thermoset resins, fiberglass reinforcements and associated products to customers from Maine to North Carolina. The purchase does not include Mahogany Kit Cutting, but does provide for exclusive distribution rights within the territory of Mahogany produced composite kits. The business will be operated by North American Composites, Interplastic Corporation's distribution subsidiary.
"The sale of Mahogany Distribution will enable us to focus additional time and capital on Mahogany Kit Cutting and allow us to aggressively pursue opportunities for marine industry growth and for market expansion," said George Aaron, Jr, Chairman & CEO of Mahogany Company of Mays Landing. "We are confident that our customers and employees will be well served by Interplastic Corporation's North American Composites Division who are committed to composites distribution and who share similar management and operating philosophies."
"We are excited by the opportunity to acquire a distribution organization with the reputation and capability of Mahogany Company. We expect this acquisition to both strengthen North American Composites' capabilities on the Eastern Seaboard and to provide expanded coverage in the mid- Atlantic States," said Mark J Brost, Vice President & General Manager of North American omposites.
Interplastic Corporation is a specialty chemical company headquartered in St. Paul, Minnesota. Its Thermoset Resins Division focuses on the production and distribution of unsaturated polyester, vinyl ester resins, gel coats, and colorants for the composites and cast polymer industries. The Molding Products Division is a leader in the production of sheet molding compounds and other thermoset molding materials. Interplastic's North American Composites subsidiary is a national, full- service supplier to these same industries.
