Financial terms of the deal were not disclosed. The device manufacturing services business has locations in New Jersey, Michigan, Puerto Rico and Costa Rica.
“This acquisition is a first and important step in our strategic plan to expand our offering to customers,” MedPlast CEO Harold Faig said in a news release. “Our goal is to build on our core manufacturing and engineering capabilities to provide our customers with a comprehensive portfolio of end-to-end product solutions.”
Nordson (Westlake, Ohio) is meanwhile in the process of paying $705 million in cash to acquire Vention’s advanced technologies division, which has locations in New Hampshire, Tennessee, Ireland, Minneapolis, Massachusetts, California, Colorado and Israel.
For MedPlast, the acquisition of the Vention device manufacturing services division doubles the size of the company, allowing to add more capabilities in assembly and packaging. MedPlast now has 22 manufacturing facilities in North and Central America, Asia, and Europe and employs 3,500 engineers, technicians and assembly workers.
MedPlast at the end of 2016 received a financial boost to expand its services. Strategic investor Water Street Healthcare Partners and middle-market private equity firm JLL Partners invested in MedPlast.
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