Fitchburg molding manufacturer to be acquired by NY firm
Innovative Designs, a Fitchburg manufacturer of injection molded products including trays, cups, and utensils for the catering industry, will be acquired by Fineline Settings of Middletown, N.Y.
The two companies had been direct competitors – Fineline also makes upscale disposable dinnerware to the a catering industry – but there will be no substantive changes in Innovative’s operations, said Innovative’s President and CEO Leonard Tocci, as the agreement calls on Fineline to maintain manufacturing in Massachusetts.
“I’m looking forward to working with them,” said Tocci, who will remain with Fineline in a consulting capacity.
Terms of the deal were not disclosed, and the deal closes on August 1.
The sale was triggered by Tocci’s children disinterest in running the business, he said.
Innovative, founded in 1998, has less 10 employees - and functions as a sales, marketing and administrative operation, subcontracting production to molders in the Fitchburg area - which Tocci estimates might represent 70 - 100 jobs.
Tocci said Innovative’s revenues are north of $10 million, and business site Datafox estimates Fineline’s revenues at around $35 million, employing about 175 people. Founded in 2010, Fineline sells imported and U.S.- manufactured items.
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