New deal presents significant opportunities for future growth
Longford Tool and Plastic Industries has been acquired by US company, Technimark, a global manufacturer of custom rigid plastic packaging and components.
Longford Tool and Plastic, based at the Longford Business & Technology Park, Ballinalee Road, was founded in 1968 and it is a leading supplier of injection moulded products for the medical device, pharmaceutical and consumer product sectors.
Tool and Plastic Industries also has an additional facility in Ostrava, Czech Republic.
Financial terms of the transaction were not disclosed.
Technimark, which started out in 1983 as a small industrial moulder in Asheboro, North Carolina, is backed by Pritzker Private Capital.
Tool & Plastic, in operation for 52 years and led by owners Colm Cuffe and Declan O’Rourke, specialises in offering competitive and innovative contract GMP Cleanroom moulding and assembly solutions.
“We are excited to partner with Technimark,” commented Mr Cuffe. “Tool & Plastic and Technimark share a common culture for technical excellence, safety, innovation and customer partnership, and we look forward to building lasting value together.”
Mr O’Rourke added, “The acquisition by Technimark represents a strategic fit for the business in Ireland and the Czech Republic, and we look forward to developing and growing the business on the solid foundation already in place.”
Tool & Plastic operates from a number of ISO Class 8 Cleanroom environments in its facility in Longford and from an IATF 16949 compliant facility in the Czech Republic. Tool & Plastic has continually invested in state-of-the-art technology, allowing for high-quality manufacturing services and a longstanding reputation for excellence.
The combination of Tool & Plastic and Technimark enhances Technimark’s healthcare manufacturing expertise, as well as its global footprint. The combined company will have 13 facilities and over 4,400 employees worldwide.
“Tool & Plastic’s leadership in its core healthcare markets, combined with Technimark’s manufacturing expertise, healthcare customer relationships, and scale create a market leader with significant opportunities for future growth,” said Brad Wellington, CEO of Technimark. “Tool & Plastic will help us deliver even more value to our customers, and we are excited to welcome them to the Technimark family.”
Thomas Chadwick, Vice President at Pritzker Private Capital, added, “This acquisition represents an important growth opportunity for Technimark and adds two state-of-the-art facilities in key geographies that will help accelerate growth of the combined business. We look forward to a successful partnership ahead.”
“By enhancing our ability to serve customers across Western and Eastern Europe, these acquisitions bolster our long-term growth strategy in the global healthcare market,” Mr Wellington said. “Technimark is well-positioned to help our clients apply advanced and innovative technology-based solutions from design and engineering through production, including assembly and packaging of the final product.”