Elk River-based Cretex Companies is adding to its operations with the acquisition of Pacific Plastics & Engineering (PPE), a contract manufacturer serving the medical and electronics markets.
Terms of the agreement were not disclosed.
Once the transaction closes, Soquel, California-based PPE will become an operating subsidiary of Cretex-which is the parent company of several other manufacturing companies, including RMS, Meier Tool & Engineering, and Juno, Inc.
Cretex spokesman Steven J. Ragaller would not say how many employees PPE has, but he did say that all employees will be retained under the acquisition. Cretex employs about 1,700 people and has operations in 11 states.
"This acquisition continues our growth in the attractive medical market and gives us a presence in the dynamic [Monterey] Bay Area, where medical device start-up activity remains strong," Lynn Schuler, CEO of Cretex, said in a statement. "We are also pleased that founders Stephanie and Jack Harkness will remain engaged to help guide the business as we continue to grow upon the exceptional foundation they've built over the past 22 years."
PPE was founded in 1989. It specializes in manufacturing injection-molded plastic devices and components.