St. Charles, Illinois-based ESOP contract manufacturer MPI, (Microplastics Inc.) has acquired IVP Plastics LLC located in Washington, Illinois and St. Louis, Missouri. Both operations are wholly owned subsidiaries of Microplastics Inc.
IVP is a contract manufacturer injection molder of custom parts for the large construction, farming and food service industries. IVP currently has over 150 employees. MPI, a 30-year-old insert injection molder, now will operate with three divisions: St. Charles, Illinois, Washington, Illinois and St. Louis, Missouri, and will total over 300 employees with sales of over $45 million.
The acquisition of IVP will bring MPI, a primarily automotive Tier 2 insert molder, some great diversity as there are no shared customers. IVP is a 60-year-old company with a strong and tested reputation as a Tier 1 supplier. The company will have expanded complementary strengths in engineering for tooling and design services and will now range from 40 ton to 1000 ton molding capability. All three divisions will total 52 presses and 160,000 sq. ft. with 50,000 sq. ft. (20 presses) in St. Charles, 75,000 sq. ft. (18 presses) in Washington and 35,000 sq. ft. (14 presses) in St. Louis.
MPI is a LEAN company with a passion for continuous improvement. Jim Chiavetta, MPI president, is experienced with LEAN contract manufacturing on a global basis. “This acquisition will allow us to double in size and supports our long term growth by acquisition strategy,” said Chiavetta. “We are committed to the vertical integration services this deal will facilitate to better serve our customers.”
BMO Harris Bank has been a key supporter of MPI’s strategic plan and is MPI’s exclusive bank.
All IVP employees will become ESOP participants and shareholders once wait periods and vesting are completed. MPI welcomes the new participants into its “ownership” culture.
For more information, visit www.microplasticsinc.com.
