Merger poised to help Wolfeboro custom-injection molding companyBy JOHN KOZIOL
Union Leader Correspondent
December 05. 2017 12:59AM
WOLFEBORO — A merger within Gladstone Investment Corp. means that GI Plastek, which was founded here 35 years ago, now has a new name in this town better known for tourism than custom-injection molding.
Based in McLean, Va., Gladstone Investment said on Monday that it had merged GI Plastek, whose facility is located just off Route 109A, with Precision Southeast Inc. of Myrtle Beach, S.C., to form PSI Molded Plastics, Inc.
The new company will continue operations at two plants in South Carolina and one each in Indiana and Wolfeboro.
Citizens Commercial Banking provided $23 million in credit that will allow Gladstone Investment to pay off existing debt and to consolidate the debt capital in the new company, Citizens Bank said in a news release.
Rick Collopy, in a telephone interview, said that the merger will be invisible to most folks in Wolfeboro, where it currently has 130 employees and expects to add more.
Until Monday, Collopy was GI Plastek’s vice president of sales and marketing and is now vice president of marketing at PSI Molded Plastics Inc., while Daniel Mills, was its president and now holds that title at the merged company.
Collopy said the Wolfeboro plant runs three shifts a day, offers a generous benefits package, and as the sign with the old name on the side of south side of Route 109A said, it is hiring.
Wolfeboro will remain home for PSI Molded Plastics, Collopy said.
“The good news is that the purpose of merging these companies was to poise us all for growth,” he said. “And the rationale at Gladstone was here are these injection molding companies that have slightly different markets, but are very complementary, and together we could offer a full range of manufacturing solutions that one company by itself would not have.”