Ironwood Plastics sold off to CTB

Article by Christian Andrei, on January 6, 2011

In making long-term plans for the family-owned injection molding business Ironwood Plastics Inc., Mark Stephens sought the advice of Victor Mancinelli, president and CEO of agriculture industry supplier CTB Inc. in the summer of 2010.

The original idea had been to prepare Ironwood for potential acquisition in about three years.

But as Stephens and Mancinelli talked further, they came up with a new plan. This led to Ironwood's acquisition in December by CTB, a wholly owned subsidiary of Warren Buffett's Berkshire Hathaway Inc.

In late December, Stephens said in an interview, “This really came out of left field.” The amount of the deal was not disclosed. Ironwood has been set up to have long-term stability for both employees and customers. This deal also created an avenue for international growth for Ironwood's current customer base.

In addition, it opened up a new line of business possibilities within Ironwood and CTB of Milford, Ind. Stephens said that Ironwood and CTB may not appear to have a lot in common but both companies were seeking something to help them in the plastics segment.

They later realized that what they needed was an expert in new product development and injection molding. Ironwood operates two plastics molding facilities. One is in Ironwood, Mich., while the other one is in Two Rivers, Wis.

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Retired Formula 1 driver Jenson Button has just received his brand new McLaren MSO 675LT Spider. This was confirmed after McLaren Beverly Hills posted a picture on its official Instagram...
by - January 24, 2017
Ford and Toyota have come together in the hopes of standardizing their vehicles’ smartphone integration system. The open-source platform is said to compete with Google Android Auto and Apple CarPlay...
by - January 24, 2017
The race to autonomous driving has been dictated by the need to make the road safer and reduce the incidents of vehicle crashes. Several major carmakers in the world have...
by - January 24, 2017
The Shooting Brake is probably the least rendered body shape in the automotive world. But it’s also the most sought after design among car nuts for its unique, old-fashioned charm....
by - January 23, 2017
Perhaps to make the upcoming Valentine’s day more special, Tinder dating app and Ford UK have cooked up a special blind date for all the single blokes and chicks in...
by - January 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries