Industry components supplier Hickory Springs Mfg. Co. has acquired Indianapolis–based Hi–Tech Foam Products LLC. Hi–Tech fabricates foam in Mexico and China, supplying the appliance, automotive, medical and military sectors. Its core competencies include die cutting, precision fabrication, lamination and design. Terms of the deal were not disclosed.
The company will operate as a wholly–owned subsidiary of Hickory Springs under the Hi–Tech Foam Products name.
“The acquisition of Hi–Tech fits well with our strategic goals of growth and diversification,” said Don Coleman, president of Hickory Springs, which has headquarters in Hickory, N.C.
Steven Andrasik, who transferred from Hickory Springs’ foam plant in Commerce, Calif., will manage plant operations. John Metaxas, Hi–Tech vice president of sales, remains in that capacity. Metaxas is a specialty foam–fabrication industry veteran with more than 15 years of experience.