PMT Corp. acquires Prototype Tooling and Manufacturing Inc.

As reported in Crain's Detroit Business, metal stamping supplier PTM Corp. has acquired Fraser, Mich.-based Prototype Tooling and Manufacturing Inc. in a move to add a large press operation and nonautomotive customers. Terms of the acquisition, which closed June 30, were undisclosed.

The acquisition adds all 35 employees of the Fraser comp[any to PTM, which now has around 180 total employees. PTM expects to consolidate the Fraser operation into its St. Clair County headquarters in Ira Township by early 2011.

PTM Corp., founded in 1970, makes stampings, prototype, assemblies, tools, and dies and serves primarily automotive customers.

Prototype Tooling and Manufacturing, which had no relation to PTM before the acquisition, was founded in 1983 and had customers in the appliance, aerospace, marine, recreational, lawn and garden, and other industries.