Indianapolis-based Precision Products Group acquires Ohio manufacturer
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
INDIANAPOLIS - Precision Products Group, a manufacturer of engineered materials for the electrical, medical, aerospace & defense, and industrial markets based in Indianapolis, has acquired Cincinnati-based Cindus Corp.
Financial terms of the deal for the more than 100-year-old company are not being disclosed.
Cindus Corp. manufactures crepe paper for electrical and industrial applications. PPG said the acquisition will strengthen its position as a key supplier of insulation materials in the electrical transformer market.
“Demand for power infrastructure worldwide has never been higher and is expected to increase over the next decade,” Tim Shaw, chief commercial officer of Precision Products Group, said in a news release. “Transformer manufacturers and their suppliers have struggled to keep up with demand and have faced shortages of raw materials. PPG plans to invest in substantial capacity expansion to increase Cindus’ output of insulating paper for the transformer market, ensuring we meet customer needs.”
A spokesperson for PPG declined to say how many employees Cindus Corp. has, but noted that the company is working toward expansion of Cindus’ capacity, which would “include headcount additions.”
PPG said Cindus will continue to operate under its existing brand name and its existing management team will continue to oversee local operations.
“When evaluating potential partners for Cindus’ next phase of growth, PPG stood out as a company that shares the values of quality and customer service that have been the foundation of Cindus’ success,” said John Hennessey, vice president of sales at Cindus. “Partnering with PPG will enable us to continue investing in the business and expand our production capacity to meet customer demand.”
Cindus Corp. was founded in 1923 in Cincinnati, according to the company’s website.