It's all about one-stop shopping for Mearthane Products Corp., as the expanding developer and manufacturer of polyurethane and metal components has purchased Polyurethane Molding Industries, Mearthane's fifth acquisition in the last three years.
Terms of the transaction, announced Feb. 26, were not disclosed.
"Our longer-term vision is to be the preferred partner for precision polyurethane applications," said Mearthane President Pete Kaczmarek. "This means having a broad array of technologies and capabilities under one name."
PMI, of Woonsocket, R.I., is a provider of reaction injection molding and custom part finishing services, making 3D printer covers, ATM bezels, camera holsters, and medical instrument front covers and side panels, among other products, according to PMI.
PMI President Len Strapponi will remain with Mearthane as director of business operations and process development, and PMI's Brian Johnson will take over as operations manager of the Woonsocket location.
"While PMI has always offered high-quality painting and labeling on our RIM parts for customers, combining with Mearthane will allow us to expand that into a more complete product offering," Strapponi said. "A lot of our customers' projects end up as complex assemblies, including a RIM urethane enclosure, cast urethane parts, machined components and sheet metal elements, which are then finish-painted. We will now be able to offer the whole package in many cases."
With 40,000 square feet at its Woonsocket facility, PMI brings 25 employees to Mearthane's workforce, giving Mearthane 100 employees total — with 75 employees at Mearthane's 35,000-square-foot Cranston, R.I., location).
Kaczmarek said there were some early restructuring and position changes with the acquisition, but all 25 PMI employees are expected to be retained, he said.
Strapponi said his role will change slightly in that he will work directly with customers, attempting to improve lead time and prototype offerings.
"I'll be responsible for improving our speed in getting prototypes and technical information to our customers. This will help them get their products to market faster," he said.
The acquisition represents about a 20 percent increase in total annual sales revenue for Mearthane, Kaczmarek said.
Specifically, PMI gives Mearthane an immediate presence in the medical device industry, as PMI is adept at rigid RIM and custom part finishing services, Kaczmarek said.
Rigid RIM allows Mearthane to use thermosetting urethanes in a process that is similar to injection molding, which requires a thermoplastic, Kaczmarek said.
"We are able to get a much higher level of physical properties with RIM than in thermoplastic materials, achieving the economies of scale," he said.