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United Kingdom-based molder Carclo plc has purchased U.S. molder and mold maker Precision Tool & Die LLC in a deal worth up to $6.5 million
Carclo is buying the Derry, N.H.-based PTD through its CTP Carrera Inc. subsidiary based in Latrobe, Pa. PTD supplies high precision injection molds, injection molding and assembly for the medical device industry.
The deal revealed in an Oct. 14 regulatory filing from the publicly-traded Carlco, based in Ossett, England, is for an initial payment of $5.5 million with up to an additional $1 million in additional compensation if certain targets are met.
In 2015, PTD listed sales of $6.9 million and pre-tax profit of $1.6 million. About 60 percent of its sales came from injection molding and the remaining in technical and prototyping services, including mold making.
About 90 percent of its business is in the medical industry.
“The acquisition … will bring significant new capabilities to Carlco Technical Plastics and enhance our offering within the health care sector,” CEO Chris Malley said in the public documents. “PTD’s expertise in toolmaking and product prototyping will significantly widen Carlco’s offering to our combined customer base.”
PTD’s current owners, Brian Driscoll, Michael Driscoll and Tim Driscoll, will remain with the company. The business employs 45.
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