ATP establishes secondary credit line

RADNOR, Pa. (July 17)—Applied Tech Products has padded its funding by creating a secondary credit line, giving the parent of several rubber and plastic product makers a better foundation to continue its buying spree. The company has entered into a revised credit arrangement with 13 companies which gives it $195 million in funding, an $85 million boost to support future acquisitions and internal growth. Previously the firm had $110 million of debt financing available from eight financial institutions, according to Thomas C. Deas Jr., vice president and chief financial officer. ATP, which consists of nine businesses, has been acquiring rubber and plastics companies for almost three years. Its goal is to become a $500 million corporation. Its two latest purchases—UPT Plastics, of Tempe, Ariz., and Nadel Industries, based in Port Chester, N.Y.—were made over the last four months and give the company about $185 million in annual revenues.