Plaskolite buying Memphis factory from Lucite

Plaskolite, a Columbusbased maker of rigid plastic sheets, is set to grow with an agreement to buy a factory in Memphis, Tennessee, and other assets from Lucite International.

The deal, announced this week, is expected to be completed by March. With it, privately held Plaskolite will increase its annual sales by about 25 percent, company officials said. Terms of the sale and annual sales were not disclosed.

After the transaction, Plaskolite is expected have about 800 employees, up from the 630 listed in a Dispatch report from 2016.

The company’s colorful plastics are used in lighting, building materials and signs. In Ohio, it has plants in Columbus and Zanesville.

“Our goal is to be the industry leader while strengthening our marketplace position for the benefit of our customers,” said Mitchell Grindley, Plaskolite’s president and CEO, in a statement. “With this acquisition, we have taken another step forward in our leadership position while building on our long-term commitment to our American workforce and facilities.”

The Memphis plant and the product line made there are one part of Lucite International, which is part of Mitsubishi Chemical. Plaskolite has long used Lucite as a supplier.

Plaskolite was founded in 1950 by Donald G. Dunn and was run by the family for most of its history. In 2015, Charlesbank Capital Partners of Boston bought a controlling stake.