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Article: Private-equity firm acquires Intek: Buyer says it plans to grow plastics maker.
- Article from:
- Saint Paul Pioneer Press (St. Paul, MN)
- Article date:
- March 16, 2007
CopyrightCOPYRIGHT 2007 Saint Paul Pioneer Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: John Welbes
Mar. 16--The boom in private-equity acquisitions is making its presence felt in Hastings.
Intek Plastics, a locally owned firm with a 40-year history in Hastings, is being sold to Private Equity Capital Corp., based in Connecticut. Terms were not disclosed.
Executives from the acquirer say that unlike some of their private-equity brethren, they're not planning to flip the company for a quick profit.
"We see an opportunity to expand the business," said Dave Losch, managing director of Private Equity Capital. "We're not in the mode of coming in and cutting costs and doing that kind of thing."
Intek makes ...