Ownership change at Universal Plastics

The father-son team of Sunil and Jay Kumar has acquired Universal Plastics from the Peters family, pledging to serve as on-site managers and grow the business as the Whiting Farms Road company, founded in 1966 by James R. Peters, transitions from one family ownership group to another.

Terms of the sale were not made public. Universal Plastics has gross annual sales of approximately $10 million, employs 70 people and manufactures thermoforming plastics that include custom containers, protective covers and enclosures for many large companies including Pratt & Whitney, General Electric and BE Aerospace. The company also does work for the United States military.

The new owners plan to keep senior management in place at the company and hope to expand and grow the product line. The Kumars also plan to serve as on-site owners and managers of the business. Sunil Kumar has an extensive background in manufacturing, having previously worked as President and CEO of International Specialty Products, GAF Materials Corporation and as Executive Vice President and member of the Board of Bridgestone/Firestone Tires. His son Jay, who will join him in ownership, is a graduate of Cornell University and has worked extensively in the investment arena, most recently as Managing Principal at PAON LLC.

Universal Plastics was founded in Chicopee in 1966 by James R. Peters who along with his wife, Frances, and eventually their four sons, Joseph, Michael, James and Richard and daughter Mary Frances, grew the business into an industry leader. As a custom manufacturer, Universal has made Kayaks, air ducts for the Space Shuttle, all of the bus stop signs currently used in New York City and the bow of the submarines used by the Navy Seals. In 2008 they added a 30,000 square foot addition to their Whiting Farms Road building for a total of 100,000 square feet of production and office space. The company is ISO 9001 certified.