MINNEAPOLIS—Minnesota Rubber and Plastics (MRP) is acquiring Pawling Engineered Products, a New York-based maker of custom elastomeric inflatable seal and extruded products.
Pawling, headquartered in its namesake city, produces highly engineered elastomer products such as inflatable seals and clamps, custom compression seals, gaskets, tubing, extrusion and other elastomeric fabrications, MRP said.
"This is a 75-year-old company that puts a major focus on material science and then highly specialized custom elastomer solutions for mission critical applications. That basically fits perfectly into the types of businesses we wanted to be participating in," Dave Furlong, global vice president of sales and marketing for MRP, said in an interview. "From that standpoint, it was a very good fit."
He pointed to both aerospace and nuclear as examples of two markets Pawling serves that require precision products that cannot fail.
"We're thrilled to add Pawling, a company with a 75-year history of supplying unique, highly specialized elastomer solutions for mission-critical applications, to our family, and believe their dedication to superior in-house product design and custom materials formulation is highly complementary to MRP's capabilities," MRP CEO Jay Ward said in a statement.
"Innovation is at the heart of what we do, and this acquisition comes at an important time in our company's history, as we're set to expand and invest in technologies that drive highly differentiated value for our customers," he said.
Pawling President Craig Busby will continue to lead that portion of the company.
"The potential synergies between the two companies are endless, and will allow us to become a better partner for all our stakeholders. We are ready to take this next step," he said in a statement.
Ward said the companies' cultures "align perfectly" and recognize employee engagement and innovation.
"We're not just acquiring great products and intellectual property; we're adding a great team. We plan to extend ownership participation to all the new colleagues we welcome with Pawling," he said.