Citadel Plastics Holding’s (Radnor, PA) march towards its goal of forming a global compounding group continues, with the company announcing its acquisition of the assets of thermoplastics compounder Fiberfil Engineered Plastics Inc. (Stoney Creek, ON). With the move, Fiberfil is joined with The Matrixx Group, Aclo Compounders, and Bulk Molding Compounds Inc.
Citadel chairman and CEO Mike Fitzpatrick, the former COO at additives supplier Rohm & Haas, told MPW in this interview last summer that too often in the past the M&A action in the compounding market has focused too much on size, rather than strategically piecing together firms to realize genuine synergies.
In the interview Fitzpatrick also underlined the power of good brand names, and now has another with Fiberfil, which was founded in 1952 by Plastics Hall of Famer Rex Bradt and was the first company to reinforce thermoplastics with glass fiber. Since then the company has changed hands almost 10 times, and in fact had entered receivership on July 24, 2009, at which point Citadel bid $3 million for the business. “We are extremely excited about the acquisition of Fiberfil’s assets as we continue to broaden Citadel’s product portfolio and geographic reach,” said Fitzpatrick in a statement.
Fiberfil’s product lines will be transferred to existing Citadel facilities in Guelph, ON, Evansville, IN and Houston, TX. The Fiberfil brand and product line will be maintained by Citadel. —[email protected]