85 Rosemont Rd.
Bassett, Va 24055
News and Events
February 2, 2009
TAHOMA ENTERPRISES ANNOUNCES ACQUISITION OF GS INDUSTRIES OF BASSETT, HEADQUARTERED IN BASSETT, VIRGINIA.
TRANSACTION REPRESENTS STRATEGIC INTENT OF GREATER PRESENCE IN PLASTIC INJECTION MOLDING MARKET.
NEW COMPANY BRINGS SYNERGIES AND GEOGRAPHIC REACH TO PLASTIC MANUFACTURING GROUP OF TAHOMA.
Wooster, Ohio, February 2, 2009 Tahoma Enterprises, Inc. announced this morning that it has made its fourth acquisition over a two-year period, acquiring its second injection molding manufacturer. The acquisition was of GS Industries of Bassett, Ltd., located in Bassett, a small town in southern Virginia. Tahoma CEO Michael Hooper today announced the acquisition, stating that the addition of this injection molding manufacturer will complement Tahoma's 2008 purchase of North Canton Plastics.
Mr. Hooper commented on the purchase. "We are pleased to announce the acquisition of this well-established company that traces its roots back to the 1960’s, when it was formed to service the southern United States furniture industry. Its corporate history includes ownership by Libbey-Owens-Ford and Aeroquip, and most recently it has been privately held. The company fits our acquisition criteria of being well managed with dominant positions in niche markets. With 29 injection molding presses, some having capacities of over 1500 tons, we will have the opportunity to compete in a much larger marketplace than with NCP as a stand-alone company."
Tahoma has named Henry (Hank) McHale of Milford, Michigan, CEO of GS Industries. "Mr. McHale, who holds a P.H.D. in marketing from the University of Illinois, brings a strong management background, having served as Chief Executive of several New York Stock Exchange Companies as well as authoring a book on Operations Management Effectiveness. Hooper stated “we are very fortunate to have an executive of Hank’s caliber join the Tahoma team. We are looking forward to working with him and the management team on the challenges of growing GS."
Tahoma Enterprises, Inc. is a Wooster, Ohio based holding company that seeks out and acquires companies with growth potential with the goal of enhancing performance and improving profitability. The GS transaction was negotiated through the law firm of Critchfield, Critchfield and Johnston, of Wooster, Ohio for Tahoma, and Laux and Company, an investment banking firm of Medina, Ohio, for the seller.
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