Citadel Plastics Holdings Inc. (Chicago, Ill.), a private-equity investment firm, announced April 15 its purchase of the Brazilian operation of SMC/BMC compounder and molder Meridian Automotive Systems Inc., headquartered in Allen Park, Mich. Specific details of the transaction were not disclosed.
Prior to the Meridian Brazil deal, Citadel was already one of North America’s 30 largest compounders, based on previous acquisitions of The Matrixx Group (Evansville, Ind), a leading thermoplastics compounder, and Bulk Molding Compounds Inc. (BMCI, West Chicago, Ill.), the world’s largest supplier of bulk molding compounds (BMC).
The former Meridian facility, a 78,000-sq-ft (7,250-sq-m) facility in Rio Claro, Brazil, produces both BMC and SMC and uses it own compounds to injection mold and compression mold components for OEMs in the automotive and appliance markets.
While Citadel’s focus will remain on compounding, the firm will continue molding operations at the newly acquired plant to facilitate revenue growth. Citadel will continue to pursue opportunities to expand its business portfolio. According to Fitzpatrick, “We are always after more technology and a better market position.”