Engineered Plastic Components Provider Acquires Contract Manufacturer

Apr 06, 2023

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A Florida maker of engineered plastic components has acquired a Minnesota precision contract manufacturer, company officials announced.

Seaway Plastics Engineering said the addition of MME Group would bolster both its geographic footprint and product portfolio, particularly in the medical device sector. Seaway, which was acquired by ICG's U.S. private equity business earlier in the year, provides injection molded components and services to the medical and industrial sectors. The deal will add scale, capabilities, and customers.

Seaway President and CEO Tom Orr said the acquisition bolsters the capabilities and strengths of both businesses and makes them better "equipped to service the growing needs of device manufacturers."

MME offers manufacturing, engineering, tooling, and assembly services for FDA-regulated medical products and other "highly engineered" components, officials said. Its injection molding capabilities include plastic and liquid silicone rubber, two-shot rotary, and insert molding. The combined company will comprise five facilities across Florida, Minnesota, and California, and Seaway executives suggested it would also improve the company's position for organic growth and additional acquisitions.

The terms of the deal were not disclosed.

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