Hot runner solutions supplier Mold-Masters announced today that it has completed the purchase of ABBA Systems of Brantford, Ontario. ABBA Systems and Mold-Masters have been working together in a marketing alliance to build PET preform molds since 2009.
The immense success and acceptance in the market of the alliance between ABBA Systems and Mold-Masters made this acquisition the next logical step to better lever the strengths of each within the PET market.
Global reaction to our preform mold building initiative has been overwhelming since our announcement at Drinktec in September 2009, said Bruce Catoen, Vice President of Business and Product Development at Mold-Masters. It quickly became apparent that to grow this business in line with customer expectations, we needed a seamless supply chain. ABBA's expertise in preform stack manufacturing dovetails nicely with our core strengths. Our excellent working relationship with ABBA and its shareholders allowed us to make this strategic move after only nine months in the marketplace.
According to Henry Vaandering, President of ABBA Systems, the ABBA team is very excited to become part of the Mold-Masters organization. As a single company, we are in a much stronger position to exploit our combined unique core competencies. Both companies recognized the tremendous opportunity to provide a superior technical solution to the PET market.
The company also announced today that it is renaming its PET business to better reflect its association with Mold-Masters. iPET was a name we used to establish the marketing alliance with ABBA. Given that we wanted a stronger association of our PET business with Mold-Masters, we have decided that the brand name MasterPET (MPET) was a better fit, said Patrick Bennett, Executive Vice President of Mold-Masters. MPET technology has demonstrated significant performance advantages with PET converters globally. This strategic acquisition truly demonstrates our commitment to the industry and our customers.
Together, with significant capital investments in machining, test room equipment, and new innovative technologies such as iCool stacks and iFlow hot runners, Mold-Masters is now poised to be a leading supplier in the PET marketplace, said Patrick Bennett.
Terms of the acquisition were not disclosed.
| Bruce Catoen Vice President, Business and Product Development Tel.: +1 905 877 0185 x178 |
