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News: Husky Injection Molding Systems Honors Beckhoff with EMEA Supplier

Author:gly    Date: 2024-09-30    

Award - husky injection molding company

The company’s largest investment came a month later. In April, Lilly made a $1.6 billion commitment to its two new manufacturing sites in Indiana’s LEAP Innovation Park in Boone County.

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CLA investment banking professionals provide sophisticated corporate finance advisory and investment banking services to middle-market businesses and owners. The practice’s services include mergers and acquisitions, recapitalizations, and other transaction-related advisory services.

The site will grow Lilly's manufacturing network for injectables and support the company's efforts to meet demand for several drugs, including those in its diabetes and obesity portfolio, the company said.

PM Mold provides a comprehensive suite of manufacturing services from product design to final shipment to its customers, operating in industries such as automotive, appliances, military, aerospace, electrical, consumer goods, and agriculture.

Friday, the company revealed plans to build a large plant in Alzey, Germany. The investment is expected to reach $2.5 billion, and the site is slated to employ up to 1,000 people, Lilly said in a release.

Lilly said it plans to utilize automation and install high-speed manufacturing lines at the site, which will boost the company's ability to supply incretins for its diabetes and obesity offerings.

NewCo Plastics is a plastics manufacturing platform formed by White Wolf Capital to acquire North American plastic injection molding and manufacturing companies. PM Mold will join Hilco Technologies, a provider of thermoplastic and gas-assist injection molding, abrasion resistant hard-coating, and rapid prototyping services, in the NewCo Plastics platform.

So far, the drugmaker has committed $1.7 billion to its Research Triangle Park, North Carolina, facility, including a $450 million expansion to help meet demand for Mounjaro.

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Ian Sylvan, a managing director on CLA’s investment banking team and lead on the transaction, said, “We knew the PM Mold shareholders were weighing a variety of factors in the consideration of selling their business. We worked closely with the owners to help them meet their financial and non-financial objectives.”

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Joe Baez, managing principal of office in CLA’s Greater Chicagoland region, had been working with the company for more than 10 years and brought in CLA’s investment banking team when they were considering the sale of their business. The transaction was a seamless effort completed with support from CLA’s investment banking, quality of earnings, tax, and outsourced accounting practices.

As demand soars for Eli Lilly's diabetes and obesity newcomers Mounjaro and Zepbound, the company has spent the past year pouring billions into its manufacturing operations.

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PM Mold, a highly regarded and well-established vertically integrated manufacturer of custom plastic injection molded parts and custom molds, has been acquired by NewCo Plastics, a portfolio company of White Wolf Capital. CLA served as the exclusive financial advisor to PM Mold. Terms were not disclosed.

Today, CLA (CliftonLarsonAllen LLP), the eighth largest accounting firm in the United States, announced it helped PM Mold Company (PM Mold) find a new owner.

“We wanted to find the right organization to transition ownership to and one that would help us to continue growing the company. The new partnership with NewCo Plastics allows us to meet those objectives, and the role CLA played in getting us here was instrumental,” said Hauck and White.

“The decision to sell the company was not an easy one, particularly since it was a part of our family for so many years,” said Hauck. “There were many objectives — personal, business, and financial — that we were focused on achieving.”

The expansion brought Lilly’s total funding at the site to $3.7 billion, breaking a company record for manufacturing investment at a single location. Those facilities will expand capacity for active pharmaceutical ingredients and next-generation therapies.

Founded in 1963, PM Mold was founded by Olav Bradley and Norbert Hauck as a tooling only manufacturer. Today, the company operates out of two facilities in Schaumburg, Illinois with both tooling and injection molding capabilities. Larry Hauck, son of Norbert Hauck, and Tom White, Olav Bradley, and David Bradley were the company’s owners prior to the sale. Larry and Tom will remain partners and will continue to manage PM Mold post-closing.

CLA exists to create opportunities for our clients, our people, and our communities through industry-focused wealth advisory, digital, audit, tax, consulting, and outsourcing services. With nearly 9,000 people, more than 130 locations, and a global vision, we promise to know you and help you. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.

In March, Lilly confirmed plans to pour more than $500 million into an active pharmaceutical ingredient plant in Ireland. That move brought the company’s total investment in the site, which was initially expected to employ a workforce of 300, to 927 million euros ($1 billion).

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CLA’s investment banking team advises on the sale of PM Mold Company, a Midwest-based manufacturer of custom plastic injection molded parts and custom molds.

All of this comes as Lilly rides a wave of demand for its new GIP/GLP-1 compound tirzepatide, which is now approved to treat diabetes and obesity. Along with Novo Nordisk's rival semaglutide, the drugs are expected to deliver many billions in sales in the coming years.

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