Tulip Richardson Manufacturing's History

Tulip Richardson Manufacturing

In March of 2019, Richardson Molding, LLC (“Richardson”) and Tulip Molded Plastics Corporation (“Tulip”) announced the merger of these two highly regarded plastic injection molding companies. The new organization was named Tulip Richardson Manufacturing (“TRM”).

Richardson and Tulip, both leading manufacturers of proprietary and custom injection molding products serving the industrial lead-acid battery, automotive and consumer markets. Additionally, Tulip has a strong reputation as a manufacturer of lead terminals and reprocessed polypropylene. TRM headquartered in Milwaukee WI, has locations in Buffalo, NY, Columbus, IN, Indianapolis, IN, and Niagara Falls, NY, with over 135 injection molding presses ranging from 10T to 1,500T. The locations of these facilities and complementary manufacturing capabilities allow TRM to drive operating efficiencies and provide superior customer service.

The merger has enabled TRM to leverage the strengths of each organization and add significant value as an integral part of its customers’ supply chains. Owner Resource Group LLC (“ORG”) and Saugatuck Capital Company (“Saugatuck”), the majority owners of TRM, will continue to invest in the business and will actively support management’s focus on product development, operational excellence and increased service levels across the organization.

“We are excited about our partnership with Tulip and Saugatuck and believe in the long-term growth potential of TRM,” said ORG Managing Director Brad Esson. “ORG looks forward to supporting the management team’s efforts to integrate the two businesses and realize the full potential of the combined organization.”

“Tulip and Richardson both have a long history of providing outstanding service to their customers and Saugatuck believes this customer service will be further enhanced as a result of the merger. Our current and new customers will both benefit from the expanded footprint and strengthened capabilities,” said Saugatuck Managing Partner Stuart Hawley.

Owner Resource Group, LLC

Owner Resource Group is an Austin, Texas based private investment firm founded to bring superior outcomes to privately held businesses. The company makes investments that enable business owners and management teams the ability to pursue their objectives and accelerate the growth of their companies in a disciplined manner. ORG appreciates an owner’s need for fairness, certainty, flexibility and confidentiality when considering a transaction. After a transaction, the ORG philosophy is to align our interests with management to support the existing culture and the continued growth. For further information regarding ORG and its investments, please visit www.orgroup.com.

Saugatuck Capital Company

Founded in 1982, Saugatuck is a long-established private investment firm committed to leveraged recapitalizations and buyouts and growth equity investments in the lower, middle market. Sourcing investment opportunities through its well- established network, Saugatuck invests in service-intensive businesses demonstrating a proven ability to generate stable, growing cash flows where it has the requisite experience to drive accelerated portfolio company performance. For over three decades, the firm has been dedicated to the philosophy of hands-on value creation in which exceptional management teams, in partnership with Saugatuck’s capital and expertise, build companies of outstanding value. For further information regarding Saugatuck and its investments, please visit www.saugatuckcapital.com.

History of Richardson Molding, LLC

The Richardson Company was incorporated in 1858, in Des Plaines, IL and started making paper and paper products to include roofing paper and shingles. In 1910 it launched an innovative line of wooden battery cases to service the new, burgeoning automotive industry. In 1923 it used its expertise in asphaltic shingles to launch the first asphaltic battery cases which was the precursor to the early rubber battery cases. In 1968, The Richardson Company launched a proprietary line of thermos-plastic battery cases in polypropylene, again on the leading edge of battery technology. In 1981, Witco purchased the stock in The Richardson Company and operated as Witco until 1995, when Connor Corporation purchased the battery parts division of Witco. The Richardson Company operated as Connor Corporation until 2001. In 2001 Richardson Molding Inc. purchased the battery division plant from Connor and in 2004 Richardson purchased Hardigg Industrial’s molding facility in Columbus, IN. Hardigg Industrial had launched a proprietary series of “thick-thin” industrial jars that revolutionized the motive power industry.

In 2017 Richardson Molding was purchased by Owner Resource Group of Austin, TX, that included facilities in Columbus, IN, and Philadelphia, MS, with an engineering office in Indianapolis, IN.

History of Tulip Molded Plastics Corporation

Tulip Corporation was incorporated in Southern California in June of 1977 and was comprised of two operating companies: Automotive Battery Products Company (est. 1933), a manufacturer of rubber battery products, and PHI (est. 1974), a hydraulic press manufacture. Both companies were located in the greater Los Angeles area in California.

In 1982, Tulip acquired Milwaukee Plastics (est. 1946) located in Milwaukee, WI. This company also produced battery products plus a broad range of custom OEM plastic products for automotive, appliances, and other major industries. In 1986, the Milwaukee location expanded and moved into the current 143,000 square foot location on Keefe Avenue in Milwaukee, WI. In the early 1990's Tulip moved from die cast battery terminals and entered into the cold form lead manufacturing. The Lead Division was initially added to produce lead battery terminals for internal consumption.

In the 1990's, Tulip acquired the Prestolite Battery Molding facility located in Niagara Falls, NY. Prestolite (est. 1940) was a leading battery manufacturer. Throughout the years, the Niagara Falls facility evolved and transitioned from producing hard rubber battery components to only plastic injection molding. In the late 1980's, Tulip (Niagara Falls) expanded once again and began recycling spent polypropylene plastics from automotive batteries and re-engineering other polymer resins for non-battery products.

In January 2012, Saugatuck Capital Company acquired Tulip's facilities in Milwaukee and Niagara Falls. The acquisition was renamed Tulip Molded Plastics Corporation. Milwaukee's location became the company's headquarters.

Tulip Molded Plastics Corporation encompassed three distinct ISO 9001:2015 certified operating divisions: Plastic Injection Molding (Milwaukee and Niagara Falls), Engineered Resin (Niagara Falls), and Cold Form Lead (Milwaukee).

These three vertical integrated divisions enhance environment stainability by using recycled lead and recycled polypropylene battery chips.