THE RMI TIME LINE - Taken from 1997 Annual Report

Approximate Sales

Key Events

Sherman McKinniss and a partner leased a building, purchased a rotomolding machine, and started this rotational molding business in Gardena, California. There were many obstacles at this time period to establishing a new business. There was a recession and no financing was available for plastics' businesses from banks. Resin shortages existed and resin prices were frozen at high levels. However, hard work and determination prevailed.

Sherman McKinniss bought out his partner and began to move the business forward as a sole proprietor.

RMI, working with 16 other rotomolders, through dedication to the rotomolding industry, successfully established the Association of Rotomolders (ARM). Mr. McKinniss served multiple years as a director and was president of ARM from 1978-1979. He was also one of the first six people inducted into The Association of Rotational Molders Hall of Fame. ARM is now a worldwide association with over 320 rotational molding members.

In order to corner a large part of the northwestern market, RMI-Idaho was purchased.

RMI-Florida was established by Mr. McKinniss and a group of investors as a separate corporation.

Sherman McKinniss sold the California and Idaho operations to Pentron Industries, a public corporation. This entity later became Koala Technologies Corporation and today is known as Rotonics Manufacturing, Inc.

Ice Creations, later known as RMI-Denver, was acquired by Pentron. During this time period, Mr. McKinniss headed a group of investors and acquired RMI-Chicago.

RMI-Chicago expanded and purchased RMI-Wisconsin and then later in the year acquired RMI-Florida.

The RMI-C group, comprised of Chicago, Wisconsin, and Florida, purchased RMI-Denver from Pentron/Koala.

The successful RMI-C management team merged their assets with Koala and formed basis of the company as it is known today. At the time of the merger, Koala’s stockholder share price had dropped to $0.12 per share. This was a remarkable time for RMI, as the management team had major hurdles to overcome coupled with very little shareholder equity in its drive to rebuild a viable and prosperous corporation. Through bank refinancing and hard working employees, sales were increased and profitability was regained.

Plastech, which consisted of RMI-Texas and RMI-Pennsylvania, was acquired and added to the RMI group.

RMI-Arleta, California, was acquired to increase the manufacturing and sales capacity of the California operations.

RMI-T was expanded for the second time since the purchase in 1992.

RMI acquired Rotocast International increasing total number of manufacturing and sales facilities to 13.Closed and merged Pennsylvania to Chicago and Texas; Arleta to Gardena and Las Vegas; and Mia mi Rotomolding to Brownwood and Bartow.

Rotonics.com
Home