A growing manufacturer of specialty polymers has made an acquisition, its third in the last two months.
Polytek Development Corp., based in Williams Township, said it acquired Pro Marine Supplies, an Englewood, Florida-based company that supplies epoxy-coating resins for a number of professional and hobbyist applications.
“What led to all the acquisitions is really our strategy of targeting the molding and casting industry and all of the major polymers that are useful in that industry and all the sales channels necessary to serve the customer base,” said Jonathan Kane, CEO of Polytek.
For the Pro Marine acquisition, Kane said Polytek acquired Pro Marine and many of its employees will continue working with the company in Florida. Some Pro Marine employees will relocate to a new site Polytek is building in Michigan, a large-scale chemical handling operation, he said.
“A lot of the employees will be consolidated there,” Kane said.
The company has made six acquisitions so far and has grown in revenue figures about five times the size it was in 2015, Kane said. He declined to disclose actual revenue figures.
Right now, Polytek has about 45 employees in Williams Township and more than 120 total across all its locations, which include California, Michigan, and Indiana, Kane said.
“We continue to add people in the Lehigh Valley and continue to look for high caliber talent in a quickly growing company,” Kane said.
Some of the primary industries that Polytek serves are millwork manufacturing, the special effects industry for movies, do-it-yourself home improvement projects and engineered stone products.
The acquisition allows Polytek to expand its ability to offer casting solutions to these customers.
The two companies will continue to do business under their existing names.