DUBLIN, OHIO — Medical molder Medex Inc. has been spun off from its parent, Saint-Gobain Performance Plastics Corp., and purchased by employees and investors, the company announced March 28.
Medex injection molds medical products for direct sales to hospitals, but that was an increasingly poor fit for Saint-Gobain, whose medical business primarily is selling components to medical manufacturers, said Steve Glover, director of corporate accounts and original equipment manufacturer groups for the Dublin-based company.
During the past several years, Medex was gobbled up by ever-larger players in the plastics arena, and its sales suffered, Medex officials said.
Furon Co. bought Medex in 1996, and Furon then was acquired by Norton Co., which itself is a unit of Saint-Gobain. But Medex's sales remained flat, at $99 million in 1996 and "just under $100 million" now, Glover said.
"It's an organization that is in need of getting some real momentum," Glover said. "I can tell you as we are in the process of making this an employee-owned organization, the morale has just spiked."
The management buyout includes investments from PNC Business Credit, Huntington National Bank and Stonehenge Opportunity Fund, a Columbus, Ohio-based investment fund.
Glover declined to describe terms of the acquisition. He said there are no management changes. He and several other former Medex employees who left when Saint-Gobain bought the company have returned, he added.
Medex is drafting specifics of the employee-ownership plan and would like to extend that as far into the company as possible, he said.