PalWeb Corp. has completed the acquisition of all the assets of Greystone Plastics Inc. Bettendorf, Iowa. Greystone is a manufacturer of plastic shipping pallets for the beverage industry. As a result of the acquisition, PalWeb anticipates that it will immediately realize a material revenue stream and estimates that its annual production capacity will increase to in excess of 1.25 million pieces per year with current production for the fiscal year 2004 estimated at more than 550,000 pieces.
Bill Hamilton, an owner/operator of Greystone Plastics Inc., has been made senior vice president of Production for PalWeb. "Mr. Hamilton was instrumental in the research, design and production of a recyclable beverage pallet that has a very low coefficient of friction. Bill's pallet design is truly innovative and has proven effective and long lived in an industry historically hard on pallets. We are extremely pleased that Bill has joined our team and believe his years of operating expertise in the injection molding industry will help us to enhance our production capabilities," said Warren Kruger, president of PalWeb.
The purchase price for the acquisition was $12.5 million.
PalWeb develops, manufactures and sells plastic pallets to a wide range of industries such as the food and beverage, automotive, chemical, and consumer products industries and large injection molding machines and systems.Latest from Recycling Today
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