Universal Plastics, a thermoformer maker based in the US, has been purchased by Sunil and Jay Kumar from its owning family, and the Kumars would reportedly be on-site managers for the new firm.
Sunil Kumar previously worked as president and CEO of International Specialty Products, GAF Materials and Bridgestone/Firestone Tires executive vice president, according to plasticsnwes.com.
Universal Plastics president Joe Peters said they were looking forward to transfer the ownership to another family who is interested in managing the business and plan to retain the senior management.
"The Kumars have both the manufacturing experience and financial wherewithal to grow the business. We are excited for them, and my brother Mike and I plan to do all we can to make the transition successful." added Peters.
The firm employs 70 people and makes custom containers, protective covers and enclosures for customers including Pratt & Whitney, General Electric and BE Aerospace.
James R. Peters founded Universal Plastics in 1966, which moved to Holyoke in 2003.