Axios Mobile Assets to acquire controlling interest in Ontario molding company
by Canadian Manufacturing Daily Staff
Guelph, Ont., thermoset molding plant has current production capacity of 200,000 pallets annually
VAUGHAN, Ont.—As part of its aggressive growth plan, Axios Mobile Assets Corp. has entered into negotiations to acquire a majority interest in a Guelph, Ont.-based thermoset moulder.
The undisclosed company offers thermoset compression moulding and assembly of composite products for the consumer and industrial markets, according to Axios.
The acquisition provides Axios with production resources that will support current requirements under a recently-signed five-year, $300-million contract with Ongweoweh, a pallet procurement organization.
In addition to the manufacturing facility itself, Axios will gain a team of moulders and custom material compounders.
The Guelph facility, located just west of Toronto, will provide moulding and automated assembly for Axios’ pallet products.
It also will serve as a research and development center for the next generation of Axios products.
The agreement is expected to close in September, and manufacturing operations are expected to begin in October.
According to Axios, the operation has a current annual production capacity of 200,000 pallets and room for expansion and job creation as Axios adds to its customer base and backlog of orders.
Financial terms of the proposed deal were not disclosed.