Mar-Lee Bought By French Co.
Leominster plastics molder Mar-Lee Cos. has been acquired by Texen of France.
Mar-Lee announced that Texen, a subsidiary of PSB Industries, located in Annecy France, has bought 100 percent of the company, including medical, packaging and customer products divisions.
Financial terms of the acquisition were not disclosed. Mar-Lee reported revenue of $20 million in 2007.
Mar-Lee President and CEO John Gravelle will continue to lead operations there as president.
Mar-Lee employs about 90 people in Leominster and Fitchburg locations. Earlier this year, Gravelle said the company grew 20 percent in 2007 and expected similar success in 2008.
In recent years, Mar-Lee has increased its production in the medical device area.
Mar-Lee said the buyout will provide it with more capital to invest in manufacturing capabilities and product development.
Gravelle has spoken publicly about the importance of operating in the global market and the "bargain" that Massachusetts manufactures can offer European companies because of the weak dollar.
Texen, which packages upscale cosmetics products, saw revenues of $197 million in 2007, according to a statement from Mar-Lee. Revenues for parent company PSB were $332 million.
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