Jabil Circuit Inc. has completed its acquisition of Nypro Inc., according to a July 1 announcement by Jabil, the contract manufacturer in St. Petersburg, Fla.
The companies announced the agreement in February. Jabil bought Nypro from about 2,000 employees who were members of the plastics processor's Employee Stock Ownership Plan.
A total of about 10,000 Nypro employees around the world will become Jabil employees.
Jabil paid $665 million to buy Nypro. Jabil officials expect the transaction to be accretive to earnings per shape in the company's fiscal year 2014, which begins Sept. 1, 2013.
The Nypro acquisition is expected to bolster Jabil's position in key markets, such as healthcare, and expand the market in packaging for customers in the food and beverage, household and personal care industries. The consumer electronics portion of Nypro will be integrated into Jabil's Materials Technology Services.
Courtney Ryan, Jabil's senior vice president, will run the business from the current Nypro headquarters in Clinton, Mass.
In other news, Greg Adams has left Nypro, where he served as chief financial officer and a member of the board of directors, to become CEO of Tenere Inc., a Dresser, Wis.-based injection molder that designs and manufactures plastic and metal components.