German manufacturer acquires Precision Medical Products
A German medical device manufacturer has acquired Lancaster County-based Precision Medical Products Inc.
Terms of the transaction, which took effect May 25, were not disclosed.
The buyer is the medical division of the Röchling Group, a family-owned manufacturer based in Mannheim, Germany.
"This acquisition will allow us to significantly strengthen the position of Röchling as a provider of sophisticated medical technology products and implement our growth strategy in the USA," Hanns-Peter Knaebel, Röchling Group's CEO, said in a statement
Precision Medical Products, based in East Cocalico Township, will be known as Röchling Medical Lancaster. It will continue to operate and all employees will remain, according to a statement on the company’s website.
Precision has about 120 employees, according to Röchling. The company makes syringes, devices for eye surgery and other medical products.
Doug Yocom, president and CEO of Precision Medical, said in the statement that Röchling approached Precision Medical about acquiring Precision Medical’s assets.
"For me personally, it was one of the most difficult business deals I’ve ever had to evaluate and consider. In the end, however, I made the decision that the opportunity presented by Röchling Medical was too good to pass up — for employees, customers and partners," the statement read.
As part of the transition, Precision Medical co-founders George Weaver and Jerry Holleran will retire. Precision Medical directors will remain with the company in their current capacities.
Additionally, Precision Medical executive vice president Bob Rhoads will remain with the new organization as vice president of operations.
Yocum will step down as president and CEO but will remain as an employee for 12 to 18 months to ensure a smooth transition. The role of president will be taken by Lewis Carter, president of Röchling Medical, according to the statement.
Röchling Medical Lancaster will join Röchling Medical's other North American operation, New York-based Röchling Medical Rochester, formerly known as Röchling Advent Tool & Mold. The Röchling Medical Division also includes entities in Germany and China.
Röchling's other divisions focus on automotive and industrial markets.