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Ashtabula County Plastics Plants Sold to Citadel
NORTH KINGSVILLE, Ohio -- The Composites Group -- owner of the Premix Inc. plastics plant here, its Hadlock Plastics affiliate in Geneva and Quantum Composites affiliate in Bay City, Mich. -- has been sold to Citadel Plastics Holdings, a portfolio company backed by private equity firms HGGC of California and Charlesbank Capital Partners of Boston.
The Composites Group is based in Cleveland Inc., North Kingsville, Ohio. Its parent company is Highlander Partners LP, a private equity firm based in Dallas.
Terms of the company’s sale to Citadel were not disclosed.
The plant here employs 300; its Geneva affiliate 100.No change in operations is expected, according to the Ashtabula Growth Partnership economic development organization.
Said Terry Morgan, CEO of The Composites Group, in a prepared statement, "The combined businesses of Citadel and TCG create a complementary platform that is well positioned to serve the needs of our collective customer base today and in the future."
Citadel Plastics Holdings is a global provider of thermoplastic and engineered composite compounds. Before the acquisition of The Composites Group, Citadel’s website listed 17 manufacturing locations in North America, Europe, Asia and Latin America. The company operates manufacturing plants
Pictured: Premix Inc. plant in North Kingsville.
Published by The Business Journal, Youngstown, Ohio.
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