Stow -- A company that used to be the top private employer in the city has a new owner.
Los Angeles-based Platinum Equity announced in a Dec. 2 press release that it had completed the sale of MACtac Americas, LLC, to Tokyo-based LINTEC Corp. for approximately $375 million.
LINTEC is a manufacturer of adhesive-related products with operations in 15 countries around the world. MACtac, headquartered on Darrow Road, just south of Commerce Drive, is a manufacturer and distributor of pressure sensitive labels with operations in the United States, Canada and Mexico.
Calls and emails to LINTEC seeking information about the future of the Stow headquarters received no response before press time.
According to an email from MACtac, "The purchase of Mactac by LINTEC will not have any effect on our Stow headquarters. It is business as usual for Mactac."
"We're still kind of waiting to hear what the plans are for the employees," Mayor Sara Kline told the Stow Sentry on Dec. 14. "Obviously we hope that they remain in Stow and hope that this will strengthen MACtac's business."
In the press release, Platinum Equity Partner Louis Samson said MACtac has experienced a significant turnaround in recent years and joins LINTEC with strong momentum.
"Mactac's success during our ownership is a testament to a strong partnership with the management team and a commitment to sustainable operational improvements and new product innovation," said Samson. "As a result, the company's financial performance has been superb and the business is well positioned for continued growth and success."
MACtac's's products are used in a wide range of industries including label printing, graphic design, packaging, digital imaging, retail display, fleet graphics, assembly engineering, automotive assembly, and medical device assembly.
An Oct. 24 LINTEC press release announcing the pending purchase of MACtac said the purchase would benefit LINTEC and MACTac.
"LINTEC is convinced that the full-scale entry in the North American market for printing pressure sensitive labels and adhesive films and the proactive development of its original products using its own technological development capabilities through MACtac will contribute significantly to the acceleration of the global development of Printing and Variable Information Products Operations, the core business of the Group," says the release. "LINTEC is also planning to link MACtac's acquisition to business enhancement and expansion in not only the North American market, but also Japan and other regions, by utilizing MACtac's unique technical capabilities and brand equity and maximizing the synergy effect with LINTEC's technologies."
Platinum Equity bought MACtac from Wisconsin-based packaging firm Bemis Co. Inc in November 2014.
At one time, MACtac was the city's largest private employer. According to Stow comprehensive annual financial reports, the company reported having as many as 425 employees in the early 2000s, putting it second only behind the Stow-Munroe Falls City Schools with 600-plus employees in the city.
But employment dropped and in March 2014, Bemis Company announced it was closing its Stow plant, with the loss of 115 jobs, but leaving its headquarters open. According to the city's 2015 CAFR, MACtac reported still having 90 employees in the city that year, putting it at number 10 on in the ranking of top employers.
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