Smarter, and More Efficient - best plastic injection molding companies

NewCo Plastics is a plastics manufacturing platform formed by White Wolf Capital to acquire North American plastic injection molding and manufacturing companies. PM Mold will join Hilco Technologies, a provider of thermoplastic and gas-assist injection molding, abrasion resistant hard-coating, and rapid prototyping services, in the NewCo Plastics platform.

The development of process optimisation systems, integrating material and knowledge with simulation tools is probably the most exciting development on the horizon, claims Sargisson. Such systems will enable processors to observe advanced settings and capture deeper processing insights.

To support these advances and in order to meet the explicit quality management and validation ISO 13485 standards for medical devices,  Sumitomo (SHI) Demag introduced new machine user parameters, digital quality control and KPI analytics into its IntElect S medical production package. One of these advanced Med-Spec demo cells is now located in Limerick, Ireland. This will enable customers to perform validations, run tool trials and use the facility to provide valuable process optimisation training to technicians.

With regard to machinery, there is a strong move towards “copy & paste” systems and processes in both Europe and North America. The global medical team at Sumitomo (SHI) Demag, led by business development director Anatol Sattel, are also noting more requests for remote system access to historical machine data. This is predominantly to assist with troubleshooting and monitoring validated process settings.

To support these efforts, the company’s R&D team continues to develop an IoT dashboard to facilitate data analysis and visualisation, transfer and storage of know-how, as well as maintenance planning and prediction. Within this assistance system, additional autonomous and interconnected functions are being conceived to provide valuable insight into the machine performance and different production variables.

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PM Mold, a highly regarded and well-established vertically integrated manufacturer of custom plastic injection molded parts and custom molds, has been acquired by NewCo Plastics, a portfolio company of White Wolf Capital. CLA served as the exclusive financial advisor to PM Mold. Terms were not disclosed.

PM Mold provides a comprehensive suite of manufacturing services from product design to final shipment to its customers, operating in industries such as automotive, appliances, military, aerospace, electrical, consumer goods, and agriculture.

In 2024, Sumitomo (SHI) Demag will host its inaugural productivity roadshow. With four stopovers planned for July in the UK and Ireland, including Limerick, customers will be invited to explore all the latest trends, productivity and profit-enhancing technologies.

Founded in 1963, PM Mold was founded by Olav Bradley and Norbert Hauck as a tooling only manufacturer. Today, the company operates out of two facilities in Schaumburg, Illinois with both tooling and injection molding capabilities. Larry Hauck, son of Norbert Hauck, and Tom White, Olav Bradley, and David Bradley were the company’s owners prior to the sale. Larry and Tom will remain partners and will continue to manage PM Mold post-closing.

For medical moulders already producing vital monitoring devices, including oxygen, weight, glucose and ECG devices, as well as infusion pumps and cannulas etc. and already meeting the exacting healthcare standards, the transition to homecare device production should be relatively seamless.

Also observed during the pandemic, larger scale adoption of home healthcare and smart diagnostic devices, continues to accelerate at pace.

CLA’s investment banking team advises on the sale of PM Mold Company, a Midwest-based manufacturer of custom plastic injection molded parts and custom molds.

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In 2023, the global medical injection moulding market size was estimated at $22.54 billion. It is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2024 to 2030. Much of this growth is being driven by advances in self diagnostics, the home healthcare sector, improved healthcare infrastructures in emerging economies, and an ageing population, which WHO predicts will double by 2050.

Ian Sylvan, a managing director on CLA’s investment banking team and lead on the transaction, said, “We knew the PM Mold shareholders were weighing a variety of factors in the consideration of selling their business. We worked closely with the owners to help them meet their financial and non-financial objectives.”

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Thermoplastic and LSR moulding continues to be used extensively to manufacture a huge variety of everyday medical applications. The range is broad and can include implantable components, test tubes, petri dishes, PCR tubes, pipette tips and other labware, as well as medical monitoring devices, drug delivery components and surgical equipment.

The company’s ultimate vision is an intelligent machine that can independently make predictions about part quality, machine wear and failures and deliver optimisations online. Enabling greater process consistency and allowing for real-time machine maintenance to be adjusted accordingly.

Today, CLA (CliftonLarsonAllen LLP), the eighth largest accounting firm in the United States, announced it helped PM Mold Company (PM Mold) find a new owner.

More recently, there is a stronger leaning in the medical market towards larger strategic and more complex projects, such as drug delivery devices and pen style injectors. This is predominantly due to the global growth in diabetes care, where demand for advanced glucose monitoring and insulin delivery devices is propelling innovation. Testament to demand, credible industry reports forecast that the diabetes device market will surpass $68.2 billion by 2032, almost triple its 2022 value.

“The decision to sell the company was not an easy one, particularly since it was a part of our family for so many years,” said Hauck. “There were many objectives — personal, business, and financial — that we were focused on achieving.”

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High profile acquisitions of diagnostics companies, IPO listings, strategic partnerships, and the rise of virtual care platforms provide further assurance that the diagnostics market is on the cusp of another huge growth curve. This all indicates that there are clearly exciting opportunities ahead for moulders operating in the high tech medical device and diagnostics product development and production space.

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The medical market, particularly diagnostics, was strongly influenced by the Coronavirus pandemic. As anticipated, there has been a natural levelling-off for pandemic-related consumables.

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CLA investment banking professionals provide sophisticated corporate finance advisory and investment banking services to middle-market businesses and owners. The practice’s services include mergers and acquisitions, recapitalizations, and other transaction-related advisory services.

“We wanted to find the right organization to transition ownership to and one that would help us to continue growing the company. The new partnership with NewCo Plastics allows us to meet those objectives, and the role CLA played in getting us here was instrumental,” said Hauck and White.

Regional medical director of the Sumitomo (SHI) Demag team Andrew Sargisson shares his industry insight and global predictions for the medical market, touching upon how these latest trends are influencing investments in medical injection moulding facilities worldwide.

With significant access to start-up finding, telehealth is the boom-market to watch. It is current exhibiting a CAGR of 19.7% between now and 2030. Online video and audio consultations with physicians and medical consultants are increasingly being used to deliver quality healthcare while simultaneously reducing heavy work and cost burdens. The telehealth segment is split between services and products. Items such as wearable patient monitoring and telecommunication devices accounts for around one third of the market.

MedTech is a multi-billion-dollar manufacturing sector. Unsurprisingly, industry analysts are always keen to pinpoint the newest transformational medical and life science technologies that are expected to shape future treatment pathways.

Joe Baez, managing principal of office in CLA’s Greater Chicagoland region, had been working with the company for more than 10 years and brought in CLA’s investment banking team when they were considering the sale of their business. The transaction was a seamless effort completed with support from CLA’s investment banking, quality of earnings, tax, and outsourced accounting practices.

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