LamTech expanding with buy
Laminate Technologies is purchasing a business with facilities in Oregon and Washington.
According to a release, Laminate Technologies President and CEO Fred Zoeller announced the acquisition of Lamination Technology Industries, a wood-product manufacturer based in White City, Oregon. The acquisition, which takes affect today, is to include a facility in Oregon and one in Spokane, Washington.
Zoeller said he is excited to add the company to Laminate Technologies, which already operates in Tiffin; Gallatin, Tennessee; Diboll, Texas; and Ridgeway, Virginia. The company employs more than 200 people and will bring on an additional 55 with the acquisition. The release states LamTech is the largest independent laminator in the country.
Zoeller said the addition will provide LamTech with opportunities to reach new markets. He predicted business will double in the next five years.
Rick Clark, CEO of Lamination Technology Industries, said he looks forward to the acquisition.“(It will) ensure the long-term viability of our company for both our employees and clients,” he states in the release. “The tradition of great quality manufacturing and customer service will remain in place based on the history of Laminate Technologies and their team.”
Randy Joseph, COO of Laminate Technologies, also looks forward to unification of the entities.
“The acquisition is a great strategic alliance with our company’s production capabilities, geographic footprint and customer-driven approach,” he states in the release. “We have a culture of treating our team members like family and we look forward to continuing this tradition in the Oregon and Washington facilities.”
Zoeller thanked everyone who helped complete the deal.
“The support and encouragement of all those who assisted us in bringing this transaction together was amazing,” he said. “I am very grateful and excited about the future for both companies.”