Cherry Tree advises K&W Medical Specialties on its sale to MedPlast
Capital Investment firm builds its technology portfolio
MedPlast, Inc. proudly announces that it has simultaneously acquired ATP’s Engineered Rubber and Plastics Group (ERPG), Wayne, Pennsylvania, and K&W Medical Specialties (K&W), Westfield, Pennsylvania. MedPlast will be headquartered in Tempe, Arizona, and will serve the healthcare and select industrial markets.
MedPlast selected ERPG and K&W because both companies stress strong customer service, technical excellence, and world-class manufacturing. K&W has built a significant position in the healthcare products field with its thermoplastic molding and contract manufacturing capabilities. ERPG focused on growing its healthcare base and serving selected industrial markets with its thermoplastic, silicone, and rubber molding expertise. Both companies are well know in the industry and are respected by both peers and customers alike.
The New Organization
By combining ERPG’s and K&W’s resources and talent, MedPlast will uniquely provide its customers with engineered thermoplastic, silicone and rubber molding and assembly expertise. Key to the markets that the company will be serving is its product design, tooling, engineering, quality and precision manufacturing capabilities. MedPlast will operate five plants across the United States with approximately 800 employees.
A strong customer asset is MedPlast’s strict quality focus and its driving principles of ISO, cGMP and Six Sigma. A high level goal of the new company is the assurance of customer program continuity and the continued customer confidence in quality and delivery. To insure this, with the exception of the new company’s senior management team, current company management and operating personnel will remain in place. MedPlast places a high value on its talented workforce and will continue to foster employee involvement.
MedPlast’s strategic goal is to build a strong position in the healthcare and select industrial markets. The company plans to leverage its capabilities in product design, engineering, manufacturing and automation to become the preferred supplier in its niche markets. Target annual revenue by end of 2008 is expected to reach $100 million.
As stated, no management changes are planned for MedPlast’s operating plants. Harold Faig, CEO, will lead a highly experience management team at the company’s headquarters in Tempe. Mr. Faig has spent over 35 years in plastics and medical contract manufacturing. Most recently, he was CEO of The Tech Group. Prior to this tenure he was President and COO of Milacron, Inc.
“This is a tremendous opportunity for everyone involved with MedPlast,” explains Mr. Faig. “The healthcare products industry is very fragmented. What separates MedPlast from the competition is our thermoplastic, silicone and rubber molding capabilities, combined with our human resource talent and engineering / manufacturing expertise. This is exciting for MedPlast employees and customers alike.” concludes Mr. Faig.