Friday, August 7, 2020
Posted by: Jeff Couture
GW Plastics Facility in Royalton, Vermont
A Swedish company has agreed to buy the Bethel-based GW Plastics in a deal that is expected to be final in September.
The publicly traded Nolato develops and produces polymer products such as plastic and silicone for health care, automotive, and consumer electronics companies. The 65-year-old GW Plastics makes precision molds and carries out manufacturing services for the medical device, diagnostics, and pharmaceutical markets. The purchase price is about $240 million, according to Seeking Alpha.
GW Plastics has seven manufacturing facilities and 1,100 employees, about 360 of them in Vermont. Nolato said it has about 7,000 employees in Europe, Asia, and North America. In a prepared statement, GW Plastics said it would continue to operate independently under the Nolato-GW brand.
The acquisition won’t affect employment at GW Plastics, said Rebecca Murphy, a corporate marketing specialist for the company.
“We have no intention of leaving Vermont and we are actually hiring right now in both our Bethel and Royalton facilities,” Murphy said Aug. 6. “We hope to continue growing and increasing high-tech employment opportunities in the state.”