GI Plastek in Wolfeboro merged with Precision Southeast Inc. in South Carolina to create PSI Molded Plastics Inc. to establish a custom injection molder with facilities in NH, South Carolina, and Indiana that offers a range of plastic injection molding capabilities. Citizens Bank provided $23 million in credit to help fund the merger. The new credit facility was used to pay off existing debt and to consolidate the debt capital in the resulting consolidated entity.
GI Plastek, one of Wolfeboro;s largest employers with more than 130 employees, specializes in large to medium, high aesthetic complex molded products. Core capabilities include standard injection molding, structural foam molding, gas assist and gas counter pressure molding, finishing, painting, EMI shielding, assembly, and graphics. In 2014, teh cmpnay completed a $3 million plant expansion that added more than 30,000 square feet of manufacturing and office space and positioned the business for future growth.
“We are excited to partner with Gladstone and support PSI in this exciting and transformative merger,” says Joe Carelli, president, NH and Vermont, Citizens Bank.
Current Issue - May 2024