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Topics Medical Mergers & Acquisitions Injection Molding United States
Companies & Associations
Cadence Inc., a contract manufacturer of medical devices, is expanding its plastics manufacturing capabilities with the purchase of three plants from Plainfield Precision Holdings.
Staunton, Va.-based Cadence specializes in making critical components for minimally invasive surgical tools.
The acquired plants — in Sturgeon Bay, Wis.; Plymouth, Mass., and Santo Domingo, Dominican Republic — include injection molding and metal stamping operations.
“Plainfield Precision Holding’s unique portfolio of precision plastic injection molding and metal stamping capabilities provides key building blocks for our supply chain integration strategy,” said Cadence CEO Alan Connor, in a news release.
This is the second change in ownership in seven years for some of the Plainfield plants. The Plymouth and Santo Domingo factories had been part of Plymouth-based Pixley Richards Inc. until 2007, when they were purchased by Plainfield, Ill.-based Polymer Plainfield Cos. Inc.
Plainfield Precision recently closed and auctioned its former headquarters, a 96,000-square-foot factory in Plainfield, which supplied injection molded products for the automotive, industrial, electronics and appliance industries. At the time, company officials were not available to comment on the future of the rest of the company.
Plainfield Precision reported North American injection molding sales of $40 million and total corporate sales of $50 million in 2012, the latest data available, according to Plastics News records.
Including the acquired operations, Cadence now employs more than 400. Its other factories are in Cranston, R.I., and Pittsburgh. On its website, the company lists capabilities including overmolding, insert molding, assembly, machining and rapid prototyping.
In the news release, Connor said that Cadence is positioned to handle contract manufacturing for its customers, thanks to the company’s capabilities in both plastics and metals.