Cranston, Rhode Island -- Mearthane Products, a manufacturer of customised polyurethane components, has purchased Elmco Tool.
The deal gives Mearthane capabilities to improve its competitiveness and speed, said Pete Kaczmarek, president and CEO.
Mearthane is retaining all of Elmco’s 10 employees, and its Bristol, Rhode Island facility will remain operational, Kaczmarek said. Transaction details were not disclosed.
Elmco supplies CNC and machining services for defence applications. Kaczmarek this is one reason the firm was an attractive target.
Kaczmarek said that he believed the purchase would lead to synergies between the firms and that there would be ‘decent growth over the next few years, particularly in the naval space’.
Additionally, Elmco’s ability to quickly turn around prototypes and small part production orders also made it attractive to Mearthane, Kaczmarek said.
Reporting by Kyle Brown, Rubber & Plastics News.