Custom rigid plastic packaging manufacturer Technimark has acquired medical component manufacturer for an undisclosed sum.
Ci Medical undertakes product development, scientific moulding, contract manufacturing, assembly, packaging and logistics.
The manufacturing operations of the company meet the ANSI and ISO standards, as well as FDA regulations, for its medical products.
The medical products portfolio includes insulin pumps, surgical tools and other specialised devices.
The acquisition will help Technimark enhance its manufacturing capacities and international business for customers of both companies, augmenting Technimark's product innovation and technical expertise coupled with Ci Medical's scientific and healthcare manufacturing knowledge.
Technimark CEO Brad Wellington said: "The acquisition of CI Medical accelerates Technimark's growth in the medical injection-moulding market. We look forward to combining CI Medical's blue chip customer base and manufacturing capabilities with Technimark's global footprint and financial resources to expand our delivery of innovative, high-quality medical products at low cost for our valued customers."
Ci Medical Technologies CEO Robert Subasic Jr said: "Ci Medical has been combining advanced technologies and engineering expertise to deliver cost-effective, quality healthcare products for more than 40 years. This partnership puts us in a great position for long-term growth and will allow the teams to work together to build lasting value."
Founded in 1971 as Classic Industries, Ci Medical grew to manufacture injection-moulded components for medical, pharmaceutical and healthcare applications worldwide. It currently has more than 550 employees at its five facilities in Pennsylvania, Texas, Mexico, Puerto Rico and the UK.
On completion of the acquisition, the combined entity will have 14 facilities across the world, including Germany and China.