Thursday, March 24, 2016
A portfolio company of Clayton-based Harbour Group has acquired the assets of PennTech Machinery Corp.
Warminster, Pennsylvania-based SP Industries Inc. has purchased PennTech, which is based in a Philadelphia suburb, for an undisclosed amount.
PennTech provides pharmaceutical packaging solutions including washers, trayloaders, sterilization tunnels, filling and stopper inserting machines, loading machines, cappers and external washers. Its customers include leading pharmaceutical manufacturers and compounding pharmacies, according to a release from the companies.
"PennTech has a well-respected position in the market and will allow SP Industries to offer an integrated solution for automated loading and unloading of freeze dryers for pharmaceutical, biotechnology, diagnostic and veterinary markets," Jeff Fox, Harbour Group's chairman and CEO, said in a statement.
Harbour, a holding company that buys manufacturing, distribution and specialty services companies, has estimated annual revenue of more than $1.3 billion. The company has acquired 182 companies in 39 industries since its founding in 1976, according to officials.
Sourec : bizjournals.com
