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Gordonsville,
Va.-Based Firm Buys Greenville, Ohio, Plastics Maker
Source: Dayton Daily News Publication date: 2001-12-06 Dec. 6--GREENVILLE,
Ohio--
Klockner Pentaplast of America, Inc., based in Gordonsville,
Va., has purchased Greenville-based Witt Plastics Inc. for
an undisclosed amount.
Both companies said none of Witt's 76 employees would be fired. Instead
the new company, Klockner Pentaplast of America, is seeking to expand
and add more employees.
Spokesmen for Witt Plastics declined to reveal terms of the deal or
the company's worth. Witt Plastics this year ranked 53rd among Arthur
Andersen LLP's Dayton 100 list of privately held local companies with
$31.5 million in sales.
John Witt founded Witt Plastics in 1972 as a manufacturer of thermoplastic
sheets. The company creates the sheets by taking plastic pellets it
purchases from chemical companies and melting them into a film. The
plastic film is then cooled on rolls by a process that allows Witt
to control the thickness of the new plastic sheet.
Customers then convert the sheets into many other final products used
in the food, medical, printing and technology industries.
"Witt Plastics has an excellent reputation for superior quality films,
state-of-the-art technology and proven product development capabilities,"
said Tom Goeke, president of Klockner Pentaplast of America.
With similar operations, Klockner Pentaplast of America, founded in
1977, is recognized as the largest producer of high-quality rigid
films in North and South America. Klockner creates its plastic out
of different products, giving it a different customer base than Witt
Plastics.
"The purchase of Witt Plastics enables us to build on our product
portfolio to offer our customers even more choices," Goeke said.
Witt said his decision to sell the company was based on his upcoming
retirement and the strength of Klockner Pentaplast.
"I'm 67 years old and I thought it was a fair thing to do," Witt said.
"Looking toward my own retirement, I have searched for a new owner
that shares that same commitment to high quality and excellent customer
service. Klockner is that company.
" Bill Franz, a consultant with Dayton-based Centering Corporation,
represented Witt Plastics in the acquisition. Franz said Witt's focus
was on choosing a quality buyer and not trying to make the most money.
" This was a different experience for me. Typically, I'm trying to
get the higher price for the client," Franz said. "But (Witt) knew
he was going to have a great retirement no matter who bought the company.
His focus was making sure it was in good hands. He actually left money
on the table." -----
To see more of the Dayton Daily News, or to subscribe to the newspaper,
go to http://www.activedayton.com.
(c) 2001, Dayton Daily News, Ohio.
Distributed by Knight Ridder/Tribune Business News. Publication date:
2001-12-06
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