Teel Plastics spins off division, jobs will stay in Baraboo
Teel Plastics, Inc. announced today the sale of its pultrusion division to Razor Composites, LLC, which said it will maintain current employees at Teel's pultrusion facility located in Baraboo.
Razor Composites is owned by James Hardie Industries, which is a $1.25 billion international fiber cement products company listed on the Australian Securities Exchange and the New York Stock Exchange.
Razor said the acquisition came after an exhaustive search of the majority of pultruders in the U.S. and Canada.
Jay L. Smith, chairman of Teel Plastics, said in a press release that the change would allow Teel to focus more on the opportunities in its core business of plastic extrusion.
Smith also said the transaction will benefit the employees and the Baraboo community. “We are very pleased with the interest that Razor Composites and James Hardie have shown in Teel’s pultrusion division and our new product developments,” he said. “James Hardie has the network in place to take these developments to the next level.”
Razor Composites said it plans to grow the Baraboo-based business by expanding into new markets for pultruded products.
Teel Plastics will continue to own and operate its Baraboo-based custom plastic and natural fiber composites compounding extrusion business, its laboratory sampling products business, and its analytical laboratory testing services.