Recently formed manufacturing venture Fortis Plastics will locate a headquarters in South Bend, Indiana while continuing to run existing select corporate functions from Henderson, Kentucky. The company made the announcement today through a news release from its public relations firm, Sloane & Co.
Fortis - a combination of the former molded products division of Atlantis Plastics and the former L&P Plastics – was launched by private equity fund Monomoy Capital Partners after it acquired both companies in late 2008. Monomoy had been looking at Henderson for its Fortis headquarters (see http://www.mfrtech.com/articles/1664.html).
“After considering a number of locations and strategic plans, we believe that this arrangement will best position Fortis to continue growing and allow us to reach its potential for continued success,” Fortis Chief Executive Joe Mallak said in the statement.
As part of a reorganization plan announced late last year, the company recently finished consolidating two plants in Elkhart, Indiana to South Bend. A third plant in Elkhart continues to operate as a distribution facility and company officials have said someday it could be reopened as a manufacturing operation.
Fortis will add about 60 jobs – a combination of production and corporate workers - in South Bend over the next few years, according to Mallak. The company currently employs 125 in South Bend.
In addition to maintaining corporate functions already in Henderson, Fortis officials say they expect to keep existing manufacturing operations there and add as many as 50 jobs over the next few years. The new jobs would include production and corporate workers.
Mallak said Fortis has already started bringing in new presses as part of a planned $6.8 million upgrade at Henderson. In December, the state of Kentucky approved $4 million in tax incentives toward the project.
According to this latest announcement, Fortis plans to expand production in Fort Smith, Arkansas and continue operating plants in Jackson, Tennessee; Carlyle, Illinois; Popular Bluff, Missouri; Booneville, Mississippi; Brownsville, Texas and Ramos Arizpe, Mexico.
The company recently added the Mexican injection molding facility - whose clients include Whirlpool and Black & Decker - to its portfolio. (see http://www.mfrtech.com/articles/1868.html)
Fortis is a diversified custom molding supplier for the appliance, furniture, building products and medical device industries. Its parent, Monomoy Capital Partners, L.P. is a $280 million private equity fund that makes controlling investments in middle market companies. The Fund has completed 18 transactions in the smaller end of the middle market over the past 30 months and currently owns 12 businesses that collectively employ more than 8,000 people. Monomoy implements customized business improvement programs in all portfolio companies that reduce operating expenses, increase profitability and encourage profitable growth. For additional information on Monomoy and its portfolio companies visit www.mcpfunds.com
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