Ownership of Plastics Firm Returns to Elkhart
You could say Elkhart Plastics doesn’t fit the mold of most locally owned companies. Then again, in today’s world, maybe the rotomolding company and supplier to the RV industry does.
According to a report by the South Bend Tribune, the Indiana company has changed owners three times since 2006. And it eventually ended up back in the hands of local owners, many of whom were managers back in 2006.
In between it was owned by a company from Iceland that called it Promens hf, which sold it about two years ago to a company from the Netherlands that went with the name Indiana Rotomolding Inc. before selling it just four months later to a group that includes current president and CEO Jack Welter.
Welter, who came up on the financial side, has been with the company since 1990 and was part of the ownership group that sold it in 2006.
“It was never in the plan (to reacquire it) when I sold it in 2006,” he said. “You can’t plan that stuff. Just the opportunity presented itself. And the fact that some other key managers were willing to participate was the driving factor in that.”
So when the company from the Netherlands wanted to shed its Indiana plastics companies, Welter was more than happy to head up a group to buy it.
“I’ve been doing it for 22 years now,” he said. “It’s a very diverse process. We make products for a variety of industries. We get to touch a lot of different companies with a lot of different products. “We work with very small companies to very large. From my perspective, I enjoy that.”
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