The Reynolds Company Acquires Progressive Adhesives – Memphis, TN

In September of 2015, the Reynolds Company made its second acquisition in a year when it purchased the assets of Progressive Adhesives. The plan is to merge the business into the Greenville facility by the end of the year and to close the Memphis facility. According to Lex Reynolds, "closing the Memphis facility is not something we take lightly given the loss of jobs, however, we have so much capacity it simply makes more sense to move the operations here." Certain key individuals from Progressive will join The Reynolds team and new hires for Greenville will be coming.

"The Reynolds Company will continue to seek further acquisitions that make sense and fit the overall strategy of Reynolds to grow its business", said Mr. Reynolds. "We believe there are a number of good companies that would fit well with us and that share our same philosophy and we further believe this is a good time for owners to consider joining forces with us." "The industry is ripe for consolidation and things are not getting any easier for the smaller players and we think we have something to offer many owners who want to think about joining forces with a larger player", concluded Mr. Reynolds.