Global manufacturer of rigid plastic packaging Technimark (Asheboro, NC) formally announced the formation of Technimark Healthcare at the co-located MD&M West/PLASTEC West events, which today started their three-day run in Anaheim, CA. The launch follows Technimark's recent acquisition of Ci Medical Technologies, which has decades of experience in the healthcare market providing molding, contract manufacturing, assembly, packaging and related services to medical device OEMs.
"All of our growth up to that acquisition has been organic, mostly in rigid plastic packaging across a range of sectors," Technimark President and CEO Brad Wellington told PlasticsToday from the company's booth (#1897). With input from its owner [private capital investors] Pritzker Group, Technimark drafted a plan to expand into medical, pegging 50% organic growth and 50% acquisitional.
Medical manufacturing was an easy choice. "Based on our research, we project 8 to 9% global growth for the medical sector," said Wellington. Outsourcing for the medtech industry is also on an upward trajectory—analysts project 11.5% growth through 2020, as reported in PlasticsToday—and that plays to the strengths of the newly formed Technimark Healthcare, which has the capabilities and resources to implement cost reduction strategies for customers, noted Wellington.
Technimark Healthcare will serve global customers from 14 manufacturing facilities across North America, Europe and Asia. Prior to acquiring CI Medical in December 2015, the company laid the groundwork for growing its healthcare business by doubling the size of its facilities in Germany and China and building new state-of-the-art facilities in Mexico and Asheboro.
There's still time to attend the co-located MD&M West and PLASTEC West events in Anaheim, CA, running through Feb. 11, 2016.
"CI Medical brings deep expertise in the manufacture of regulated components," said Wellington, adding that its global sites and cleanroom capacity are complementary to Technimark's footprint. The company had been selling them molds for several years prior to the purchase.
"This is a cornerstone acquisition for us," stressed Wellington. It's not about consolidation but, rather, about growing the business. "We spend all our money on technology. We have more than 40 engineers working on product development, automation, processes, materials science and so forth at Asheboro. We are a technology oriented company, and you can see that even in our name," said Wellington.
Technimark is one of the top 10 molders in North America with nearly 3,300 employees.