Engineering group Carclo is to make its second acquisition in the technical plastics industry in just four months, after announcing plans to buy Wood Industries in the US for £15.7m.
The firm, which trades as Carrera, comprises five US manufacturing companies, supplying close-tolerance injection mouldings to the automotive, teletronics and medical industries.
The deal follows the £9.5m acquisition of Combined Optical Industries from Quadramatic in December.
In a trading statement out this week, Carclo said its focus on technical plastics had been justified with profits firmer than other parts of the group.
Carclo also announced this week that it is to discontinue its flat wire production in the face of market overcapacity and declining demand. The move will lead to an exceptional charge of £4.5m.