A factory and major Grayson County employer has been sold to a Canadian company.
ABC Technologies Holdings Inc., a leading manufacturer and supplier of custom, highly engineered, technical plastics and lightweighting innovations to the global automotive industry, has entered into an agreement to acquire Plastikon Industries.
ABC Technologies Holdings Inc. is based in Ontario, Canada.
Plastikon, renamed Plastikon Automotive, is a Tier One and Tier Two automotive interiors, assemblies and electric vehicle (EV) battery housing supplier, the company said in a press release.
“Plastikon Leitchfield is excited to join ABC Technologies,” local Plastikon management told K105 in an email. “Plastikon will gain access to ABC’s global manufacturing footprint and increased scale in the North American market, and we see it as a great opportunity for innovation advancements for our local team.”
The Leitchfield Plastikon facility employees around 500 people.
Plastikon was founded over 40 years ago and, besides the Leitchfield plant, operates two facilities in the U.S. — Hayward, California, and Austin, Texas. In total, the company employs approximately 900 people. In fiscal year 2022, Plastikon Automotive reported about $280 million in revenue.
“Welcoming Plastikon Automotive into ABC Technologies will represent a significant step forward for our company,” said Terry Campbell, President and CEO, ABC Technologies. “It amplifies our position as an industry leader in lightweighting and plastic injection molding, gives ABC a stronger foothold in the EV space, and most importantly, provides a new set of employees with opportunities to play larger roles in molding the future of mobility.”
The purchase price is $130 million (U.S.) and the transaction is expected to close in the third calendar quarter of 2023 subject to the satisfaction of customary closing conditions, ABC Technologies stated.
Plastikon is located at 918 Commerce Drive in Leitchfield.
About ABC Technologies
ABC Technologies is a leading manufacturer and supplier of custom, highly engineered, technical plastics, and light weighting innovations to the North American light vehicle industry, serving more than 25 original equipment manufacturer customers globally through a strategically located footprint.
ABC Technologies’ integrated service offering includes manufacturing, design, engineering, material compounding, machine, tooling, and equipment building that are supported by an experienced team of skilled professionals — including professional practicing engineers and additional employees with technical diplomas or at least 15 years technical working experience serving in other technical engineering roles — and approximately 10,000 employees worldwide. Figures represent the company prior to the closing of the Plastikon Automotive acquisition.
The Company offers three product groups: Interior Systems, Exterior Systems, and HVAC, Fluids & Other.
ABC Technologies’ head office address is 2 Norelco Drive, Toronto, Ontario M9L 2X6.
By Ken Howlett, News Director
Contact Ken at ken@k105.com
