Pilgrim Plastics Acquires Chatco
Hoping to double its business, Boston-based manufacturer Pilgrim Plastics (asi/78100) has acquired Chatco (asi/44625), which specializes in custom-molded products. In addition, Jason Abrams has been named president of the company that will now be called Chatco/Pilgrim Inc. “This is a great fit for us because we can get into the molded side of plastics,” says Abrams. “Molded products have a high value and now we can offer customers more options.”
Abrams also says he is looking forward to his new role. “It’s my time to step up in the family business,” he says. “It’s my job to grow the company and continue its success.” Terms of the acquisition were not disclosed. Abrams says Chatco employees will be retained, increasing Pilgrim’s staff to about 70 people.
Chatco/Pilgrim will maintain offices in Massachusetts and in New York. Abrams would not disclose specific revenue numbers for the organization, but expressed optimism about the future. “We did well in 2008 and the company is in solid shape,” Abrams says. “This year we feel really good about sales and where we’re going. Acquisitions are definitely a way to expand. The family has seemed to buy another company every 10 years or so. We look for great deals and try to grow.”