Rubber moulding company, Qure Medical, Ohio, has bought Tompkins Pharmaceutical Rubber, manufacturer of rubber products for the pharmaceutical and medical sectors. The deal will allow Qure to boost its offerings to the pharmaceutical side of the medical business.
The terms of the deal were not disclosed.
"It was not a distressed bargain buy," said Randy Ross, Q Holding president.
Tompkins has manufactured rubber components for the pharmaceutical industry since 1908. Eventually it is thought that Tompkins production will be gradually transferred to the Qure Medical plant in Rock Hill.
"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. It is 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. 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.”