VOL. 133 | NO. 32 | Tuesday, February 13, 2018
Lucite’s Memphis Facility Part of Business Acquisition by Plaskolite
Daily News staff
Acrylic sheet products manufacturer Plaskolite LLC announced late Monday, Feb. 12, that it is acquiring Lucite International Inc.’s continuous cast acrylic sheet business, which includes general-purpose and sanitary sheets used in making spa and bath products.
The transaction includes the acquisition of Lucite’s 93,375-square-foot sheet manufacturing facility in Memphis.
Closing is expected by the end of the first quarter of 2018. Financial terms of the transaction were not disclosed.
Based in Columbus, Ohio, Plaskolite is the largest privately-owned North American manufacturer of acrylic sheet products. Its customized products are used in windows, doors, lighting, signs, point-of-purchase displays and bath products. Plaskolite serves a diverse customer base including distributors, OEMs and retailers.
In April 2010, Lucite International was awarded a 15-year payment-in-lieu-of-taxes incentive by the Memphis and Shelby County Industrial Development Board to invest $90 million in its plant on Fite Road and retain 200 jobs there. Those positions came with an average annual salary of $89,531, $129,463 with benefits.
Plaskolite and Lucite have worked together for 40 years, a press release announcing the transaction noted, with Plaskolite being the largest North American purchaser of acrylic monomers from Lucite, a part of Mitsubishi Chemical Corp.
“Our goal is to be the industry leader while strengthening our marketplace position for the benefit of our customers,” Mitchell Grindley, Plaskolite’s president and CEO, said in the release. “With this acquisition we have taken another step forward in our leadership position.”
Adding the Lucite business brings Plaskolite’s workforce to 800 people in Columbus, Ohio; Zanesville, Ohio; Grand Saline, Texas; Compton, California; Olive Branch, Mississippi; Monterrey, Mexico; and Memphis.