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Stow -- One of the city's larger employers has a new owner.
Los Angeles-based Platinum Equity announced in a Dec. 2 press release that it had completed the sale of MACtac Americas, LLC, to Tokyo-based LINTEC Corp. in a transaction valued at approximately $375 million.
LINTEC is a manufacturer of adhesive-related products with operations in 15 countries around the world. MACtac, headquartered on Darrow Road, just south of Commerce Drive, is a manufacturer and distributor of pressure sensitive labels with operations in the United States, Canada and Mexico. The company's products are used in a wide range of industries including label printing, graphic design, packaging, digital imaging, retail display, fleet graphics, assembly engineering, automotive assembly, and medical device assembly.
Platinum Equity acquired MACtac from Bemis Company, Inc. in November 2014.
At one time, MACtac was the city's largest private employer. According to Stow comprehensive annual financial reports, the company reported having as many as 425 employees in the early 2000s, putting it second only behind the Stow-Munroe Falls City Schools with 600-plus employees in the city.
But employment dropped and in March 2014, Bemis Company announced it was closing its Stow plant, with the loss of 115 jobs, but leaving its headquarters open. According to the city's 2015 CAFR, MACtac reported still having 90 employees in the city, putting it at number 10 on in the ranking of top employers.
For more on this story, see the Dec. 18 issue of the Stow Sentry.