Acquiring minds want to know
When Muroski joined Trelleborg Sealing Solutions in 2016, the Healthcare and Medical unit was in its nascence, a division with potential rather than an established presence.
Six years on, and Muroski has helped reorganize the segment into a streamlined, focused business, overseeing four major acquisitions, an increasingly adept work force in the manufacture of complex medical and biopharma components, and year-over-year increases in sales.
She has witnessed 10 acquisitions in her time with Trelleborg overall.
"So how do we build all this? For Trelleborg, it is not through an organic or greenfield (philosophy) but rather through a merger and acquisition strategy," said Muroski.
It's also about selecting the right companies to work with, like Minnesota Rubber and Plastics, which Trelleborg acquired for about $900 million in 2022.
With the acquisition, Muroski said Trelleborg is bullish in the health care and medical component manufacturing and biopharma market spaces, especially as they relate to single-use systems and designs and active pharmaceutical ingredient systems.
And for the most part, even the acquisitions at Trelleborg are about the employee—the human being behind the medical component development and production process.
"Typically Trelleborg looks for the family-owned business, more or less they seem to be the better partners," she said. "They want to make sure their baby is taken care of. Most family-owned businesses benefit from a loyalty to the team, and therefore they are loyal back. And we see that."
Muroski added that when Trelleborg makes an acquisition, it is not about headcount reduction.
Rather, intellectual assets are embraced.
"We are buying the company because they really did something well, and we want to leverage that," she said.
While typical corporate structures can demand obeisance, Trelleborg changes its structure—to a point—to meet the needs of the acquired company, Muroski said.
"And MRP does some really great things around the product and material development process," she said. "How can we change the way that we are doing business to fit them? MRP has strengthened our position quite sizably."
Muroski added that whatever the original owners were doing as far as social engagement, Trelleborg continues the community outreach.
"Whatever they were doing, we also do ... and we continue doing to support STEM with local high schools, encouraging future engineers," Muroski said. "When we make an acquisition, we are not buying brick and mortar—we are buying the talent that is part of that acquisition."
Such acquisitions—like MRP, EirMed L.L.C., Sil-Pro and Specialty Silicone Fabricators Inc.—have assisted Trelleborg in expanding its global footprint.
The health care and medical division now has eight manufacturing sites in the Americas and one in Europe.
"We like to say we are global, but we are local as well. Customers need that continuity in the supply chain," she said. "We need to make sure our materials can be provided across the globe.
"If an area in the Asia-Pacific region or in the U.S. cannot be accessed, we need to ensure continuity of supply—and the same quality of material."
And Trelleborg is still looking for similar family-owned fits.
"We are still looking," Muroski said. "Just last week, we finalized the sale of our wheel division for about $2.3 billion—so there is money coming our way," she said.
Muroski added that typically Trelleborg looks for "mid-range companies," with annual net sales of about $100 million or less.
"We are not looking for turnarounds," she said. "We are looking for well-run businesses. What we are tying to do is a be a full solutions provider."