MINNEAPOLIS—Precision Associates Inc., and its business partner Kevin Carver, have sold their interest in Sil-Pro L.L.C. to Trelleborg Sealing Solutions in a deal that's expected to be finalized in the first quarter of 2019.
Financial details of the deal were not disclosed. PAI said in an Aug. 6 statement that the deal does not include the sale of any asset or interest beyond PAI's holding in Sil-Pro.
"Today's agreement represents the culmination of 18 wonderful years of prosperous partnership among the Kadue and Carver families and our hundreds of dedicated and talented employees," PAI President Bradley Kadue said in a statement. "The team at Sil-Pro has built a phenomenal business over that time, and we are proud to have played a part in that success. We are pleased to have partnered with such a capable and ethical company as Trelleborg. We know that Sil-Pro and its employees will be a marvelous complement to its operations."
Based in Minneapolis, PAI develops seals and other rubber products through molding, compound development and testing. The firm operates an ISO Class 7 clean room with tool making capability located at its 130,000-sq.-ft. facility.
Sil-Pro recently repurposed 3,000 square feet at its 35,000-sq.-ft. silicone molding site in Delano, Minn., to add up to 10 silicone molding machines. Two already are installed. Like PAI, Sil-Pro operates two Class 7 clean rooms at a pair of facilities in Delano—the other spanning 50,000 square feet for thermoplastic molding.
Trelleborg Sealing Solutions is a subsidiary of Trelleborg A.B., which is based in Trelleborg, Sweden.
"This acquisition complements our existing offering and expands our product range in such areas as drug delivery and surgical tools," TSS President Peter Hahn said. "The company is well-reputed with first-rate quality systems and clean room standards. Its expertise and capacity within tool making is a welcome addition to our current operation."
European Rubber Journal contributed to this report.