31 Mar 2005
Anahein, California--A holding company for Hi-Tech Rubber Inc. has acquired Inland Technologies Inc. Terms were not disclosed. Both firms make precision components and assemblies, mostly for medical devices and disposables.
"Inland's plastic moulding expertise will be a perfect complement to our abilities in [liquid] silicone and rubber," said Bill Sherman, president of Anaheim-based HTR, Calif. HTR also processes thermoplastic elastomers and polyurethane.
Equity investors Century Park Capital Partners of Los Angeles and Red Diamond Capital Inc. of New York provided the funding as an extension of two 2004 rubber-industry acquisitions: HTR in March, and AC Hoffman Engineering Inc. of Riverside, Calif., in December.
The purchase of Inland, by HTR Holding Corp., was completed March 8. As now combined, Hi-Tech Rubber, Inland and Hoffman had 2004 sales of more than $65 million, said Mark Kammert, Red Diamond Capital managing director.
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