North Branch, Minn.-based Frandsen Corp. acquired the assets of Lakeland Tool & Engineering Inc. and will run it as a subsidiary and sister company to Plastech Corp. Lakeland is based in Anoka, Minn., and has a second facility in Wisconsin. Plastech Corp. is in Rush City, Minn. The deal between the two privately held companies brings together Lakeland, an injection molder since 1973 with sales of about $22 million, and Plastech, an injection molder since 1963 with sales of about $54 million, David Brentz, Frandsen’s vice president of sales, said in a phone interview. The two molding operations are located about an hour apart and both serve the appliances and outdoor power markets but with little overlap in customers and no overlap in terms of the radius for employee hiring, Brentz said. “The big synergy between the two is that they are 58 miles apart. That doesn’t sound like a lot but it means we’re essentially drawing from different labor pools,” Brentz said. “That’s significant with the unemployment rate being where it is and with the competition for everything from entry-level labor to operators.” “The economy is doing well and entry-level labor is...