Cretex, a privately held, diversified manufacturing company that owns companies in the metalworking and contract manufacturing space, has expanded its plastics portfolio with the acquisition of Pacific Plastics & Engineering. PPE is a contract manufacturer of injection molded, assembled and packaged devices for the medical and bio-tech markets.
|PPE's Stephanie Harkness|
"We are delighted to add Pacific Plastics & Engineering to the Cretex family of companies," said Lynn Schuler, CEO of Cretex Companies Inc. (Elk River, MN). "This acquisition continues our growth in the attractive medical market and gives us a presence in the dynamic Bay Area, where medical device startup activity remains strong. PPE will complement our existing medical portfolio companies of rms, Meier Tool & Engineering, and Juno."
Terms of the acquisition will not be revealed. PPE founders Stephanie and Jack Harkness will remain engaged in the business they've built over the past 22 years. PPE claims Boston Scientific, Johnson & Johnson, Tyco Healthcare and more than 150 other companies in its custom list. In 2010 the processor added a second cleanroom to its California facility. With 20 presses, the majority being Toshiba all-electric presses, the company provides complete contract manufacturing from single components to sterilized complex device assemblies.
In 2001 PPE opened a joint venture molding facility in Bangalore, India, which, with a vendor alliance in Taipei, Taiwan, gives PP&E the ability to provide contract manufacturing services globally. Both locations feature Class 100,000 clean rooms.
"With this transfer of ownership, we can assure our employees and customers that it's business as usual. The acquisition by Cretex ensures our legacy in the medical device industry and offers complimentary capabilities to our customers," commented Stephanie Harkness, Pacific Plastics co-founder and president. Stephanie Harkness was named a Modern Plastics' "Notable Processor" in 2007.