Asheboro, N.C.-based Technimark LLC is investing $62 million to buy a 204,000-square-foot medical facility near its headquarters.
"The investment will include purchasing the building and the required upfit, including new clean room infrastructure, molding machines, quality labs and many other improvements," Kris Peavy, chief commercial officer and president of health care at Technimark, told Plastics News in an emailed statement.
The new facility will expand the company's headquarters campus to six manufacturing plants and approximately 1.4 million square feet, Peavy said.
The medical manufacturing space will have Class 7 and Class 8 clean rooms and feature capabilities including precision injection molding, finished device assembly, contract manufacturing and logistics operations, a May 2 news release said.
Technimark plans to expand its clean room facilities globally to meet medical customer demand.
"The phenomenal success Technimark has had in the medical market prompted the purchase of the new, dedicated medical manufacturing facility," Peavy said. "We expect that growth to accelerate even more in the coming years and the new facility gives us the capacity to support that growth. Having open capacity to support our customer's needs is an essential part of our organic growth strategy and has been instrumental in driving our success."
Technimark also plans to announce "major expansions" in 2022 and 2023, the release said, at facilities in Mexicali, Mexico, the United Kingdom, Ireland, Germany and China to support growth in all its core markets.
With $531 million in injection molding sales in North America, Technimark is No. 11 in the most recent ranking of injection molders in the region in the most recent Plastics News survey. Its total corporate sales hit $630 million in 2020.