Trending...
- The Tide Project Opens at Biennale Architettura 2025 in Venice Amplifying Youth Voices
- DuoKey, Axiomtek and Blue Edge Network Partner to Enhance Smart Cities with Privacy-Preserving Urban Safeguarding and Fleet Management
- SAVVY MINING raised $500 million and launched BTC.XRP.DOGE cloud mining, increasing investors' returns by 30%
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.
More on Ohio Pen
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.
More on Ohio Pen
SOURCE Preformed Line Products
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.
More on Ohio Pen
- 150+ Year Old Family Business, Requarth Co. of Dayton, OH, Acquired by Schockman Lumber of OH
- RWA Infra Development L.L.C. announces the $RWAID token. "$RWAID tokenizing infrastructure for the masses."
- Mental Health Awareness Month—Tennessee Enacts Psychotropic Testing Law
- Be Prepared for the Qualitative and Quantitative Effects of Tariffs: How Businesses Can Navigate Potential Disruption in Finances and Production
- True Indicating Receives FDA Approval for CSPN-15 Type 5 Steam Integrator
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.
More on Ohio Pen
- Bold Beauty Project UCLA Edition Photography Exhibition on May 18
- Genuine Hospitality, LLC Selected to Operate Claridge House Chicago Gold Coast
- Lamar Odom Issues Public Challenge to X Platform Over Censorship of His Anti-Addiction Crypto Campaign
- White Castle to Give Away Free Original Sliders in Celebration of "National Slider Day" on May 15
- PBK Miner completes $80 million Series B financing to support AI cloud mining and increase user investment return by 25%
SOURCE Preformed Line Products
Filed Under: Business
0 Comments
Latest on Ohio Pen
- L2 Aviation Celebrates Grand Opening of New Facility at Cincinnati/Northern Kentucky International Airport (CVG)
- Managing Summer Staffing Surges with Confidence: Why Name Badges Are a Must for Seasonal Success
- Visa Named Title Sponsor of Ascending Athletes' Business Owners Summits for NFL Entrepreneurs
- The Paris Court of International Arbitration Elects Dr. John J. Maalouf as its New President
- Whistleblower Seeks SEC and Shareholder Review of Cogent Communications' 2003 Acquisition of FNSI
- Sanders® Celebrates 150 Years with an Immersive NYC Experience, Food Truck Tour, and Exciting New White Chocolate Caramel Creations
- $56.7 Million Announced in Q1 2025 with Revenue Growth and Progress Toward NASDAQ Uplisting for AI Marketing Company: IQSTEL, Inc. Stock Symbol: IQSTD
- SAVVY MINING raised $500 million and launched BTC.XRP.DOGE cloud mining, increasing investors' returns by 30%
- New National Nonprofit Launches to Capture Firsthand Accounts of Adoption Stories
- The Tide Project Opens at Biennale Architettura 2025 in Venice Amplifying Youth Voices
- Wall Street analysts say BTC.XRP.DOGE cloud mining company SIX MINING is expected to achieve a 5-fold increase, allowing users to easily mine BTC
- Gen X Takes The Reins: New Book Guides Caregivers Juggling Parents, Kids, And Grandkids With Humor And Heart
- Fray Fitness Launches Memorial Day Sale and Veteran Organization Giveaway
- ABM for Good™ Launches First Project with Build Change
- ProfiSignal 20 Update Provides Significant Features
- ImagineX, in Collaboration with Qualys, Launches New mROC Services to Transform Enterprise Cyber Risk Management
- Ditch Micromanagement: New Leadership Book for Results-Driven, Accountability-Based Teams
- Jay Tapp was named Managing Director in British Columbia
- Hubei Heavy Equipment Makes a Striking Appearance at CIMT and Competes with International Brands
- 20 Patents Issued Worldwide, Cementing Company Leadership. First Ever Cable-Free 12-Lead ECG: HeartBeam, Inc. (Stock Symbol: BEAT)