Modern Mold & Tool sold for $1.2 million; joins East Longmeadow-based group
PITTSFIELD — A venerable Pittsfield injection mold manufacturer has been sold to an East Longmeadow entrepreneur who owns three other plastics firms.
Modern Mold & Tool Inc. on East Street was sold for $1.2 million to Steven L. Graham, the owner and CEO of the East Longmeadow-based Toner Plastics Team.
The team's other businesses include Toner Plastics in East Longmeadow, S&E Speciality Plastics in Lunenberg, and The Beadery in Hope Valley, R.I.
In a telephone interview, Larsen said no staffing changes are planned at Modern Mold, which has 55 employees, all but four of them based in Pittsfield. David J. Pedrotti, Modern Mold's second-generation owner, has remained with the firm as company president.
"I'd like to think that with [Pedrotti] and his team and the additional resources we have available we can increase the sales and increase the headcount," Larsen said.
"We're looking to grow the business," he said. "They have a very strong group of people there. Most of the people there are long term employees."
"We thought this was a real good opportunity to mesh with our businesses," he said. "We hope to be able to grow it and have some synergies with the other things we do."
Modern Mold specializes in design engineering, complex mold manufacturing and injection molding in industries like medical, aerospace, national defense and automotive.
The company was founded by former General Electric toolmaker and planner Rodozio J. Pedrotti and was originally located in a wood-frame barn, according to Eagle files. A converted chicken coop served as the company's first office. Modern Mold grew quickly from its humble beginnings, expanding eight times between 1950 and 1972.
It is one of 12 local businesses that grew out of GE's moldmaking operations, which closed here in 1954, according to Eagle files.
"The expertise there is very hard to find," Larsen said. "Over the last 20 years many of these types of businesses unfortunately have disappeared. This is a real gem."
In a statement, Pedrotti said Modern Mold should function well as a member of the Toner Plastics Team.
"Modern Mold always has been recognized as an organization that focuses on customer satisfaction through quality and delivery," he said. "That foundation, coupled with Steve's ability to take companies beyond their current capabilities, is what I found to be the most compelling reason to pursue this transaction."
Toner Plastics is a world leader in 3D printer filament products. S&E is a speciality plastics compounder. The Beanery is the oldest manufacturer of plastic beads in the United States. The four companies together have 175 employees.
"Mold manufacturing in the U.S. has been the victim of overseas pricing which has compromised quality," Graham said. "The reshoring initiative, which is currently popular with most Americans, has led to the domestic resurgence of mold making.
"Modern Mold with their competency, technology and ingenuity is positioned to answer this demand," Graham said.
Modern Mold's properties on East Street and Hubbard Avenue are now owned by Silver Street Realty LLC of East Longmeadow, according to documents on file at the Middle Berkshire Registry of Deeds in Pittsfield.
Steven Graham's wife, Jean M. Graham of East Longmeadow, is listed as the manager of Silver Street Realty LLC, according to documents filed with the Secretary of State's Office.