Catalina Precision Products Inc., a maker of high-tolerance metal components for the auto industry, has purchased plastics precision molder UFE Inc. to broaden its market base and potentially boost the reach of both companies.
``The combination of UFE and Catalina will provide an enhanced international manufacturing platform with a diverse customer and product base,'' said Gregory Willis, chief executive officer of Catalina, in an April 30 news release.
UFE, based in Stillwater, Minn., injection molds gears and other functional parts for the auto, medical and appliance industries. It also has its own mold-making operation.
Catalina of Canton, Mich., makes metal springs and die-stamps precision parts, mostly for the auto industry. It wanted a high-precision plastics processor to expand its offerings, and also one with nonautomotive business to diversify its customer base, said David Evatz, director of investment banking for Stout Risius Ross Advisors Inc. of Farmington Hills, which was an adviser on the acquisition.
UFE has about $53 million in sales annually, with manufacturing in the U.S., Mexico and Singapore.
Catalina has plants in the U.S., Canada and Mexico.
The two companies did not disclose a price for the sale.