Snyder Industries, a division of Tank Holding Co. and a leading manufacturer of polyethylene and steel material handling products, signed a letter of intent to acquire the ongoing Rotonics Manufacturing facilities located in Bensenville, IL and Commerce City, CO, as well as the marketing and design operations in Indianapolis. Rotonics produces a wide variety of proprietary plastic products, including pallets and material handling bins.
The details of the proposed transaction are subject to the negotiation and closing of a binding asset purchase agreement, which is expected to be finalized on March 9, 2012. Snyder Industries will then take control of all inventories, accounts receivables, work in progress, and ongoing customer delivery requirements for all three locations.
“The addition of the Rotonics employees and customers to the Snyder family will provide a stable platform for growth,” said Thomas O’Connell, president and CEO of Snyder Industries. “Rotonics is a good fit with our strategic focus and existing product lines. In addition, Rotonics also provides entry into new markets, which will substantially expand our company’s growth opportunities in the broader material handling industries. As Snyder moves forward it is our objective to provide a smooth transition for Rotonic’s employees and an uninterrupted supply of products and services to our customers.”
Snyder Industries is a subsidiary of Tank Holding Company. Tank Holding Co. is privately owned by management and Olympus Partners, a Stamford, CT-based private equity firm, specializing in middle market manufacturing, distribution, and service business investments.
For more information, visit www.snydernet.com.