Anchor Buys Mid-State Plastics
Aug. 01, 1994
KNOXVILLE, Tenn. (AP) _ Anchor Advanced Plastics Inc., the world's leading manufacturer of toothbrushes, is expanding into other forms of consumer products through the purchase of North Carolina-based Mid-State Plastics.
The acquisition, completed Saturday for an undisclosed price, will boost Anchor's annual sales to more than $150 million and employment to 2,200.
Anchor, founded in 1941 as the Anchor Brush Co., produces 175 million toothbrushes annually and plastic packaging for the cosmetics industry, including Avon and Mary Kay.
Mid-State, a 23-year-old company headquartered in Seagrove, N.C., is a full-service injection molder supplying plastic components for the medical, computer and automotive industries. Its customers include 3-M and IBM.
Both companies are private. Mid-State will retain its name and become a division of Anchor, which is controlled by the Boston investment firm Thomas H. Lee Co.
''With this acquisition, Anchor is well positioned to supply all of the major segments of the fast-growing plastic material marketplace,'' said Francis Olmstead, Anchor president and chief executive officer.
Mid-State president Jack Lail, who keeps that title and becomes a member of Anchor's board, said the merger will ''provide us with the financial resources to continue to expand.''
Anchor has manufacturing plants in Morristown, Tenn.; Des Plaines, Ill.; Barrington, Ill.; Waterbury, Conn.; and Matamoros, Mexico. Anchor has plants in Seagrove and Sanford, N.C.; and Round Rock, Texas.