Q Holding Co. of Twinsburg, Ohio, which does business under the Qure Medical name and provides elastomer products to medical device manufacturers, said it has acquired a United Kingdom company, Silicone Altimex.
Randy Ross, president and CEO of Qure Medical, said financial terms of the agreement were not disclosed.
In a news release, Qure Medical described Silicone Altimex as a manufacturer of cleanroom-produced silicone tubing components and assemblies for the pharmaceutical industry.
“This transaction is an important step in realizing our global ambitions,” Ross said in the release. “Silicone Altimex is a great fit with our business and we look forward to capitalizing on the strengths of each organization. The acquisition provides us with manufacturing facilities in Europe and will enable us to grow our overall capacity, especially in the attractive pharmaceutical and assembly business.”
Silicone Altimex's headquarters are in Nottingham, England. The company was founded in 1976 as a silicone-tubing manufacturer for the U.K.'s domestic appliance market. Today, it supplies products to medical, pharmaceutical and technology companies worldwide.
Chris Barker, managing director of Silicone Altimex, said in the release that Qure “brings a host of new technologies and ideas that give us the opportunity to augment our current capabilities and better serve our customers to collaborate with them to provide improved engineered solutions.”
Q Holding was sold last November to Private equity firm 3i Group plc for an estimated $160 million.
The Twinsburg company has a workforce of about 1,100 people. It operates six manufacturing facilities in the United States and China, selling products in more than 50 countries, and has a sales and engineering office in Germany.