August 16, 2016 Updated 8/16/2016
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Plastics News Report
The Plastics News ranking of rotational molders has a new No. 1 company this year, as major tank molders Norwesco Inc. and Snyder Industries Inc. are listed together as Tank Holding Corp. — a $ 250 million rotomolding behemoth that is more than $ 70 million in front of the second-largest player, Step2 Co. LLC.
Step2 was the largest rotomolder in the ranking last year.
Norwesco, based in St. Bonifacius, Minn., and Snyder of Lincoln, Neb., are both owned by the same private equity firm, Leonard Green & Partners LP. Plastics News has, up until this year’s ranking, listed the companies separately, at their request. But now company officials have requested they be listed together under Tank Holding, with dual headquarters in St. Bonifacius and Lincoln.
Tank Holding runs 22 rotomolding factories, according to the company. Officials declined to say how many total rotomolding machines they have; Plastics News has reported that Norwesco runs an estimated 35 rotomolders, but the newspaper does not have a number for Snyder.
Tank Holdings is not a new name for Norwesco and Snyder. Both companies have shared common ownership, under the Tank Holding operating name, since Olympus Partners both them in 2008.
Leonard Green bought Tank Holding from Olympus in 2012.
So it’s not really a name change, just a new way to list the two major tank rotomolders — and a major change in the ranking.
