Tecomet Announces Acquisition of Kemac Technology
BOSTON, MA, July 14, 2011 - Tecomet, a contract manufacturer serving the medical device and aerospace defense industries, announced today that it has acquired Kemac Technology, a photo chemical etching business located in Azusa, CA. Financing for the transaction was arranged by Boston based Charlesbank Capital Partners, the majority owner of Tecomet, which is based in Wilmington, MA.
Kemac Technology will complement Tecomet's existing etching business, providing reach with its extensive customer base and depth with its added Nitinol etching, Nitinol shape-setting and stainless steel etching capabilities. Kemac's West Coast presence will also expand Tecomet's footprint geographically.
Kemac Technology's President, JJ Shah stated, "My partner Jerry Chen and I are very excited about the opportunity to expand Kemac's reach by joining forces with a company with Tecomet's resources and capabilities." Mr. Shah and Mr. Chen are investors in the new entity created by the merger and will continue in their current roles.
John Connolly, Tecomet's CFO and Executive Vice President, said, "Kemac Technology will have an immediate impact on our top and bottom lines. The company also adds hundreds of new customers and potential new business opportunities for the Tecomet team. The Kemac customers will be introduced to our multiple capabilities, including net shape forging, machining, brazing and e-beam welding, to name a few. This is definitely a case of one plus one equaling three."
Kemac Technology can be reached via its website, www.kemactech.com, or customer service at 626-334-1519. For more information on Tecomet, call 978-642-2400 or visit www.tecomet.com.
