A Hull-based injection moulding specialist has completed a merger with a fellow operator in the sector, setting itself up as a major player within the UK plastics industry.
Advanced Plastics Ltd, a £30 million turnover business employing more than 250 people in the city, has added Protool Plastic Components and Protool Precision Plastics, forming a new group structure in the process.
The undisclosed deal will see the formation of Advanced Plastics Group, combining 70 years of combined heritage and uniting more than 300 employees.
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As a business it will operate 68 injection moulding machines from strategic locations in the South, North West and the Humber, with the individual units of what was Protool Plastics Group operating from Fareham in Hampshire and Middleton in Greater Manchester.
All will retain their existing identities, with those behind the deal underlining the benefits from shared capacity and synergies across the group.
Chris Pearson, joint shareholder of the Advanced Plastics Group, said ‘This is a very proud day for us, we have worked closely with the teams at both Protool sites for many years and are very much aligned in our culture, core values and technical capability so this represents a natural convergence of like-minded teams, we are therefore very excited for what the future holds.”
Fellow joint shareholder Rob Anderson, said: “Whilst the group companies will continue to operate in their current forms with their respective teams providing a seamless high level of service to their valued customers, they will all benefit from the synergies and growth focused development of being part of the Advanced Plastics Group. It is therefore very much business as usual with added benefits for all involved including our employees, supplier partners for our valued customers.”
Launched in 1992 by three engineers, Advanced Plastics is based in Bergen Way on Sutton Fields. It works across automotive, heating and ventilation, filtration and technical sectors. It is on a strong growth trajectory, with the aim to more than double parts products from 600,000 to 1.3 million a year. It played a key role in the pandemic, producing face masks in partnership with University of Hull.
Protool was incorporated in 1987, working in lighting, industrial safety, automotive and communications markets.
Michael Hadfield, managing director of the Protool Plastics Group, will continue to run the two Protool companies. He said: “This represents the beginning of an exciting new era for Protool as we become part of an engaging and forward-thinking group. I look forward to working with my group colleagues whilst continuing to support our valued employees and clients on the Protool side.”
Advisors from Hull professional services firms Andrew Jackson Solicitors and Smailes Goldie Group assisted on the transaction, with Andrew Funnell and Mike Stocks leading for their respective firms.
Mr Funnell, partner and head of corporate at Andrew Jackson, said: “It has been a real pleasure to advise on the formation of this new group of companies, whose combined heritage, reputation, technical capability and market share makes it a key player within the UK plastics industry. We wish the group every success as it enters an exciting new chapter.”
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