TWINSBURG, Ohio—Qure Medical has purchased Tompkins Pharmaceutical Rubber in a deal that will boost Qure's offerings to the pharmaceutical side of the medical business.
The unit of Twinsburg-based Q Holding Co. closed the deal Jan. 24 and sent out a letter that day to Tompkins customers saying that Qure would work with them to make the transition period as seamless as possible.
Terms of the deal and how much revenue the Tompkins business posted were not disclosed.
"It was not a distressed bargain buy," said Randy Ross, Q Holding president. "The business has been well-managed. It's been performing successfully. But when the owners got through the whole process, they recognized it could be even better in our hands. You've got to pay for good technology and good companies, but it was worth it to us."
The Tompkins business has made rubber components for the pharmaceutical industry since 1908. It was purchased by Itran Precision Rubber in late 1998, with the Tompkins facility in Blue Bell, Pa., closed and incorporated into the Itran factory in South Plainfield, N.J.
Over time the Tompkins production will be transferred to the Qure Medical plant in Rock Hill, S.C., according to Ross. The move will be made gradually as needed customer qualifications and approvals are gained because the Tompkins portfolio largely deals with components that are listed in Drug Master Files with the Food and Drug Administration.
"It's not a simple pick it up and move it in the sense that these are highly regulated markets, and these customers deal with life saving and life altering devices and medications," Ross said. "We want to move at a pace the customers are comfortable with and meets their needs. The prior owners of Tompkins allowed us a very thoughtful transition period with nice transition service arrangements because they also are interested in making sure these customers are well taken care of during the transition."