Automotive material supplier Haartz Corp. has acquired a minority stake in Peak Performance Compounding LLC, a specialty compounder based in Leominster, Mass.
In a May 12 news release, officials with Peak and with Haartz in Acton, Mass., said that together the firms will provide custom and toll compounding for specialty medical and industrial markets.
They added that the new partnership allows Haartz to diversify into the rapidly growing medical compounding market and provides Peak a way to capitalize and expedite on growth.
Peak — which opened in 2019 — plans to expand its manufacturing footprint in 2022 by adding a dedicated white room space for medical production, as well as additional blending and storage space, according to President Todd Marchand.
"Although we are in an unusual time, we are very optimistic about the future," he said.
Matthew Williams, Haartz global automotive exteriors vice president, said his firm "has long looked to diversify our products and markets."
He added that the investment in Peak "provides us access to the growth-positioned medical plastics marketplace. … We will now be able to leverage our decades of knowledge in high-performance plastics to support this growing market."
Haartz was founded in 1907 and provides materials used in automotive fabric and interior trim, including moldable skins and artificial leather. The firm employs more than 400 worldwide in the U.S., Germany, China and India.
Peak offers pre-colored compounds based on a wide range of resins for several markets, including medical and industrial. Marchand founded the firm along with fellow industry veterans Robert Tocci Jr., Michael Carota and Jonas Angus.