Lucite International’s continuous cast acrylic sheet business has been acquired by Plaskolite, an acrylic sheet manufacturer.
As a part of the transaction, Plaskolite is acquiring the Lucite manufacturing facility in Memphis, Tenn. The closing is expected to be completed by the second quarter of 2018. Terms of the transaction have not been disclosed.
“Our goal is to be the industry leader while strengthening our marketplace position for the benefit of our customers,” says Mitchell Grindley, president and CEO of Plaskolite. “With this acquisition we have taken another step forward in our leadership position while building on our long-term commitment to our American workforce and facilities.”
Plaskolite and Lucite have had a significant ongoing relationship for 40 years. Plaskolite was founded in the 1950s and got its start manufacturing drinking straws, flyswatters and hula-hoops. Today, the company is the largest manufacturer of acrylic sheet products in North America; its products are used in architecture, medical products, retail/displays and signage, housewares, lighting and more.
With this acquisition, Plaskolite will employ 800 people in facilities in California, Mississippi, Ohio, Tennessee, Texas and Mexico.
