A Westfield-based manufacturer of metal components has acquired a similar firm in the southern Indiana community of Floyds Knobs in a deal that will more than double its employee count and annual sales.
Metal Powder Products LLC, a portfolio company of the New York-based private equity firm Mill Point Capital, closed on the purchase of NetShape Technologies Inc. on Friday. Officials declined to disclose the purchase price.
With the addition of NetShape’s 850 employees, Metal Powder Products will have 1,200 workers, according to a spokesman. And with the addition of NetShape’s 2017 gross sales of $122.3 million, Metal Powder Products’ sales for the year would have been $200 million.
Proceeding under the MPP name, the merged firm has nine production facilities in the U.S. and China. Six of them, including the operations in China, came from NetShape.
"MPP and NetShape are a perfect fit from a business perspective," said Dax Whitehouse, CEO of NetShape, in a prepared media release. “The two businesses strongly complement each other, and we look forward to building upon our respective strengths.”
Founded in 1948, MPP specializes in the production of custom-engineered gears and sprockets, complex structural parts, high strength aluminum parts and components requiring unique mechanical and physical properties.
NetShape focused manufacturing of engineered metal components using powdered metal and metal injection molding technologies.