The acquisition of Precision Elastomers offers depth for Mearthane, as it brings expertise in cast silicone molding as well as some unique machining capabilities, Martinez said. PEI also specializes in custom molding polyurethane and silicone components widely used in mission critical applications, serving diverse and growing industries such as semiconductor manufacturing, robotics and medical devices.
"It's a great addition to our family because there is virtually no overlap with customers and specialties," Martinez said. "Any of our [acquisition partners] must have a deep knowledge in the thermoset polyurethane industry, plus be a very good cultural fit for us."
And that's exactly what Mearthane found in PEI.
Kaczmarek added that PEI's unique precision manufacturing processes and molded silicone technology expands MPC's thermoset materials capabilities.
"The PEI portfolio introduces MPC to new customers in high growth applications who will benefit from our expertise and broad technologies," Kaczmarek said.
The industry, in general, is "fragmented," according to Martinez, who notes that many privately owned manufacturers develop niche expertise in specific custom areas. The acquisition of niche companies allows for more organic growth down the line, he said.
All 20-plus Precision Elastomers employees are expected to join MPC, and they will remain working at PEI's former headquarters in Massachusetts. Combined with MPC's current work force, the company will employ roughly 150 professionals.
PEI will operate as a division of MPC, retaining its brand, Martinez said.
"Our first rule with acquisitions is to not change what isn't broken," he said.