TWINSBURG, Ohio—Q Holding Co.'s Qure Medical business has acquired Nottingham, England-based Silicone Altimex Ltd. for an undisclosed amount.
Qure Medical provides integrated elastomeric solutions to medical device manufacturers. Qure said Altimex is one of Europe's leading independent manufacturers of clean room-produced silicone tubing components and assemblies for the pharmaceutical industry.
“We've always looked at acquisitions from a very strategic standpoint, as far as we're not trying to buy things just to get bigger,” said Randy Ross, Qure president and CEO.
Qure was looking to grow its European presence and debated whether to acquire an existing business or go with a greenfield approach. Silicone Altimex had many attributes the firm was seeking, so it approached the European company about selling, he said.
The acquisition will provide Qure with a manufacturing presence in Europe. Silicone Altimex's manufacturing facility is in Nottingham, but the firm has a sales presence throughout Europe.
Silicone Altimex is well established in the technology area of the business, Ross said, similar to how Qure Medical is in the U.S. While the two companies do have a few customers that overlap, bringing Silicone Altimex into the Qure fold will “bring a wide portfolio of new customers into the network,” he added.
Lastly, Ross pointed out that by acquiring such a high-caliber manufacturing location, Qure is adding a tremendously powerful team. Silicone Altimex has been around since 1976 and has an “excellent manufacturing and technology team,” which takes a long time to establish.
“We certainly have no intention of removing anybody from the company. We actually plan to invest more,” he said.