CLEVELAND, Feb. 2, 2023
/PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC)
announced today that it has acquired substantially all of the
assets of Pilot Plastics, Inc.
Founded in 2001 and located in Peninsula, Ohio, Pilot Plastics is an
injection molding manufacturing specialist with over two decades of
experience serving various consumer and B2B industries, including
partnering with PLP over the last fifteen years on multiple
manufacturing projects.
With multiple state-of-the-art presses and a highly experienced
production team, the Pilot acquisition will expand PLP's injection
molding capabilities and further enhance the company's extensive
manufacturing footprint.
"We are excited to build on our fifteen-year partnership with
Pilot Plastics through this acquisition," stated John Hofstetter, Executive Vice President of
U.S. Operations at PLP. "Pilot's extensive knowledge and history of
injection molding manufacturing will bring much-needed additional
capacity to produce critical infrastructure components for
North America's current and future
high-speed broadband deployment projects, including advanced FTTH
(Fiber to the Home) and 5G networks."
For PLP, this investment will support future growth in the
company's industry-leading COYOTE® fiber optic
connectivity devices and FIBERLIGN® hardware
solutions.
"We at Pilot Plastics are honored and excited to be a part of
the PLP family; their values and visions align perfectly with ours.
Most importantly, they are a proud Northeast Ohio company. Combining our forces
further strengthens and supports manufacturing in this important
region," said Mick Jendrisak,
President and CEO of Pilot Plastics.
Hofstetter added, "We are confident that our current strategy
and ongoing investments will further enhance our customer service
objectives, including improving lead times and adding support for
our global customer base. In addition, PLP's research and
engineering group and product marketing teams are especially
excited about Pilot's proximity to our global headquarters in
Cleveland. We see this as an
excellent opportunity to collaborate more easily and further
accelerate product development cycles."
PLP plans to gradually transition product line manufacturing and
additional capacity to Pilot throughout the year.
ABOUT PLP
PLP protects the world's most critical connections by creating
stronger and more reliable networks. The company's
precision-engineered solutions are trusted by energy and
communications providers worldwide to perform better and last
longer. With locations in over 20 countries, PLP works as a united
global corporation, delivering high-quality products and
unparalleled service to customers around the world.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 regarding the
Company, including those statements regarding the Company's and
management's beliefs and expectations concerning the Company's
future performance or anticipated financial results, among others.
Except for historical information, the matters discussed in this
release are forward-looking statements that involve risks and
uncertainties which may cause results to differ materially from
those set forth in those statements. Among other things, factors
that could cause actual results to differ materially from those
expressed in such forward-looking statements include our ability to
effectively integrate the Pilot Plastics business into our current
operations, maintain continuity of and increase capacity with
respect to the components it supplies and achieve future growth and
product development, the uncertainty in business conditions and
economy due to COVID-19 including the severity and duration of
business disruption caused by the pandemic, the strength of the
economy and demand for the Company's products and the mix of
products sold, the relative degree of competitive and customer
price pressure on the Company's products, the cost, availability
and quality of raw materials required for the manufacture of
products, the impact of global economic conditions (such as the
impact of inflation, rising interest rates, social unrest, acts of
war, military conflict (including the ongoing conflict between
Russia and Ukraine), international hostilities, terrorism
and changes in diplomatic and trade relationships) on profitability
and future growth opportunities; the Company's ability to identify,
complete, obtain funding for and integrate acquisitions for
profitable growth; and the Company's ability to continue to develop
proprietary technology and maintain high quality products and
customer service to meet or exceed new industry performance
standards and individual customer expectations, and other factors
described under the headings "Forward-Looking Statements" and "Risk
Factors" in the Company's 2021 Annual Report on Form 10-K filed
with the SEC on March 4, 2022 and
subsequent filings with the SEC. The Annual Report on Form 10-K and
the Company's other filings with the SEC can be found on the SEC's
website at http://www.sec.gov. The Company assumes no obligation to
update or supplement forward-looking statements that become untrue
because of subsequent events.
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SOURCE Preformed Line Products