Cretex Companies Acquires Pacific Plastics & Engineering
Soquel, CA. May 23, 2011—Pacific Plastics & Engineering (PPE) today announced that it has been acquired by Cretex Companies, a diversified group of manufacturing companies, headquartered in Minnesota. PPE is a contract manufacturer of tight tolerance injection-molded, assembled and packaged devices for the medical and bio-tech markets. Located in Soquel, CA, PPE offers engineering and design, tooling construction, prototype, short-run and production molding, and assembly services in its FDA registered location.
“We are delighted to add Pacific Plastics & Engineering to the Cretex family of companies,” said Lynn Schuler, Chief Executive Officer of Cretex Companies, Inc. “This acquisition continues our growth in the attractive medical market and gives us a presence in the dynamic Bay Area, where medical device startup activity remains strong. PPE will complement our existing medical portfolio companies of rms, Meier Tool & Engineering, and Juno. 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.”
“With this transfer of ownership, we can assure our employees and customers that it’s business as usual. The acquisition by Cretex ensures our legacy in the medical device industry and offers complimentary capabilities to our customers,” reflected Stephanie Harkness, Pacific Plastics co-founder and president.
Terms of the acquisition were not disclosed.