Owners Lou Altomari and Stephen Farrington have sold their company, Northeast Plastic Supply, and its two plants in Northern Liberties and Northeast Philly, which employ around 27, to Total Plastics Inc., a Kalamazoo, Mich. company purchased by Texas investor Prophet Equity in March.
"We are planning to expand our presence in the Philadelphia market," Total Plastics marketing manager Zachary Loeprich told me. The price wasn't disclosed.
Northeast Plastic, which Altomari and Farrington started in 1993, assembles, machines, warehouses and distributes shapes made of acrylic and other polymers, and builds point-of-purchase and display products, for retail stores, boatbuilders, lighting equipment makers, signmakers and other manufacturers. Northeast Plastic's plants include Everything Plastic in Northern Liberties and a main production facility in Northeast Philadelphia.
Tom Garrett, president of Total Plastics, praised Northeast Plastic's "outstanding reputation in this market and the level of service they provide." His firm has had a branch office in the region since 2003. Total Plastics says it is "one of the country's largest providers of distributed plastics and associated value-added services."