Agenda Packets - 1995/04/03 - Laserfiche WebLink

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y t a//7/q; MANUFACTURING • Plastics maker buyers eye new Twin Cities site By Tom Fredrickson Staff reporter Industrial Custom Products(ICP),an industrial rubber and plastics company, has been sold and might be moving out of its Mounds View home. Indianapolis-based E&A Industries Inc. completed its purchase of ICP on Jan.31,according to Doug Stearley,In- dustrial Custom Product's new presi- dent.He declined to disclose terms. - - as a history of-buying then selling companies but has no current plans to sell ICP.The investors'intent is to build the business, Stearley said. "Our whole intent is to use the business to rebuild. It's gone through a lot and been-very successful in the last few years, and our plan is on continuing that." ICP,which employs 65,had sales last year of$8.8 million.It projects sales for 1995 of$10 million. The company- has outgrown its 40,000-square-foot plant. When the company's lease expires, Stearley ex- pects the cutter and shaper of plastic, rubber and other nonmetals to find a new home in the Twin Cities. The plant expansion primarily will be to accommodate new equipment, but Stearley expects to add between five and 10 new employees in the next 12 months. ICP has been on the sales block and has some pent up need for new equip- ment,Stearley said. A move out of the Twin Cities area apparently isn't in the cards. Stearley called the Twin Cities employees and customer base ICP's "most important assets." - "We are looking to the west,to the northwest and to the north." Stearley said."I am trying to get hold of people in the Minneapolis area to see what types of options and incentives there are." The new majority shareholders own- _ ers are Al Hubbard,the outgoing chair- man of the Indiana Republican Party, and Ed Klink, who together own E&A Industries. ICP had been for sale and was repre- sented by an intermediary in the plastics business in St. Louis, Stearley said. Stearley, who has worked for Cincin- nati-based Procter&Gamble Co..said he's been looking for a manufacturing business to run.He pitched the idea of acquiring ICP to E&A. The company's previous chief operat- ing officer, Herb Houndt, will remain with the company. Stearley described Houndt as a"key owner and operator." E&A's main other holding is Car Brite Inc., which manufactures chemi- cals for cleaning and polishing cars. Companies that E&A has previously owned include Brulin&Co.,a manufac- turer of industrial and janitorial chemi- cals,and Apex Corp., which manufac- tured jet components. ■