Midwest Rubber Co. has reached an agreement to acquire Xccent Inc.'s medical and industrial divisions.
Based in Wyoming, Minn., Xccent manufactures rubber and flexible products for the medical and industrial industries. According to Midwest Rubber's news release, the firms signed agreements on Aug. 8 and will transfer the two divisions to its headquarters in Deckerville, Mich. The transaction will allow Xccent to focus on its core business of fitness and playground equipment.
The purchase price was not disclosed.
Midwest said the move expands its reach in the medical and industrial sector. President Kenneth Jehle said in a statement that, if approved, the transaction will establish Midwest Rubber further as a leader in rubber and flexible product industry, and one of America's few remaining latex dip molders.
Jehle added the acquisition will bring 10 jobs to Michigan.
Xccent President John Mathiesen said in a statement the firm carefully selected Midwest Rubber as its best suitor, adding that the firm offers the Xccent units additional process capabilities outside of vinyl and latex dip molding such as rotational molding and urethane foam molding.
Midwest Rubber designs, engineers and manufactures foam dipped, slush cast, vacuum formed, injection molded and rotational molded rubber and plastic parts for the automotive, medical, heavy duty truck, consumer goods and agriculture equipment industries.