ITW buys medical molder Coeur

HEBRON, ILL (Oct. 8, 2:40 p.m. ET) — ITW Medical Products has purchased Coeur Holding Co., an injection molder and extruder of disposable medical products used in diagnostic imaging and other procedures.

Coeur is headed by Jay Cude, who also is chairman of the Society of the Plastics Industry Inc. The company had been owned since 2008 by Riverside Co., a Cleveland-based private equity firm.

Terms were not disclosed.

Glenview, Ill.-based Illinois Tool Works Inc. is combining Coeur with its ITW Filtertek business to create the ITW Medical Products unit. Filtertek makes custom insert molded filtration and flow control components.

“I am excited about joining ITW. The company is committed to the medical products market and is planning on investing in Coeur’s growth,” Cude said in a news release. “Our customers will also have access to the ITW Medical Products Filtertek line of products.”

Parent company ITW, a manufacturing conglomerate, recently started on a new strategy to focus on higher-growth markets.

The Medical Products unit is headed by Law Burks, vice president and general manager.

Coeur is based in Lebanon, Tenn., and has a molding and assembly plant in Washington, N.C., and a tubing extrusion and assembly plant in Sheboygan, Wis. The company also has a facility in Saltillo, Mexico, that assembles dispenser coil and fluid delivery products.

Plastics News estimates Coeur’s plastic tubing sales at $17 million, and its total corporate sales at $31 million.

Filtertek has operations in Hebron; Elk Grove Village, Ill.; Juarez, Mexico; Shanghai; São Paulo, Brazil; Newcastle West, Ireland; and Madrid.

Plastics News estimates Filtertek’s North American injection molding sales at $45 million.