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Topics Mergers & Acquisitions, Automotive, Electronics, Medical, Injection Molding, Injection molds, Molds/Tooling
Precision injection molder Medbio Inc., based in Grand Rapids, Mich., has acquired local mold builder Concept Molds Inc.
Medbio, a contract manufacturer specializing in products for the medical and biotechnology industries, operates a 45,000-square-foot manufacturing facility in Grand Rapids. Its acquisition of Schoolcraft, Michigan's Concept Molds is the company's first push into tooling.
"Medbio did not have tooling capabilities until the purchase of Concept, so we were using outside tool sources, and we will continue to use additional tooling shops above and beyond Concept," said John Woodhouse, Medbio's director of sales and marketing, adding that the acquisition will give Medbio more control over tooling timelines.
"When you don't own a tool shop, you're kind of at the mercy of the tool shops you're using, and hopefully this will help us with faster repairs," he said.
Concept Molds specializes in detail mold design, micro tooling, two-shot molds and prototype tooling for injection molders at its 20,000-square-foot facility. Post-acquisition, the company will maintain an individual identity and its own sales force, Woodhouse said. The company currently provides tooling for molders serving the electronics, automotive and other molding industries as well as medical, and it will continue to do so.
"The goal is that Concept will continue to function as a standalone company… and continue to grow in those other markets as well as medical," Woodhouse said.
Financial details of the transaction were not disclosed.