RAVENSWOOD — Star Plastics is beneath new possession, however the title, model and management crew will stay unchanged.
The corporate introduced this week it has partnered with Akoya Capital Companions in what it described in a information launch as a “strategic transfer to help Star Plastics’ aggressive progress and growth plans.”
“Akoya’s partnership permits us to make use of extra individuals, enhance our product providing to clients and strengthen the corporate worldwide,” mentioned Doug Ritchie, the corporate’s founder and now-chief strategic officer and board member. “It’s a win-win for our firm and all of these with whom we do enterprise.”
Based in 1988 and headquartered in Ravenswood, Star Plastics gives custom-engineered compounds and specialty merchandise, serving {the electrical} and electronics, communications and equipment markets. The corporate additionally gives toll compounding and secondary companies and sources and resells a variety of engineering resins.
Star employs 140 individuals at three manufacturing areas, two in Jackson County and one as a part of a partnership in Shandong, China.
Akoya Capital is a sector-focused non-public fairness agency that invests in industries the place it has immediately related working expertise and area experience.
The partnership will launch Akoya’s custom-engineered compounds, specialty merchandise and elastomers platform and assist advance Star Plastics’ progress objectives and growth plans, in line with a launch from Star.
“Akoya appreciates the laborious work and dedication of our current crew and desires to additional our objectives by constructing upon our present firm values, workers and processes,” Ritchie mentioned.
“We’re excited concerning the future for Star Plastics and look ahead to investing in Star’s progress and continued success,” mentioned Bob Could, managing director at Akoya and new chairman of the Star Plastics board. “Star Plastics is an trade chief and a world-class supplier of high-quality, custom-engineered compounds, specialty services and products that can function the best anchor funding for Akoya’s compounds platform.”
The discharge mentioned Ritchie has obtained help from senior West Virginia authorities officers, together with Division of Financial Improvement Govt Director Michael Graney.
“We imagine that the Appalachian basin is ripe for continued growth, so we look ahead to working carefully with Doug and the brand new leaders of Star Plastics to help the corporate’s progress, job creation and general success transferring ahead,” Graney mentioned. “That is nice information for West Virginia.”
