November 3, 2008

FOR IMMEDIATE RELEASE

Precision Engineered Products, LLC ("PEP") and Schaeffler Group, KG ("Schaeffler") announced today that a transaction was completed on October 31, 2008 whereby PEP acquired substantially all of the assets of Lacey Manufacturing, Inc. ("Lacey"). With operations located in Bridgeport, Connecticut, Lacey manufactures high quality, close tolerance metal and plastic molded components and assemblies for surgical and other precision applications. Lacey's sales for fiscal year 2008 are projected to be approximately $43 million USD.

 Commenting on the acquisition, PEP's Chairman, President and Chief Executive Officer, Fredric Hammerle said ... "We are pleased to be adding Lacey and its talented staff of 275 associates to our existing portfolio of complementary businesses at a time many companies are not expanding due to the unprecedented meltdown in the global credit markets and the weakening economy in general. Strategically, the purchase of Lacey supports our objective of growing our core businesses in the Medical and Energy Management markets."

PEP, headquartered in Attleboro, Massachusetts, is a global manufacturer of highly engineered precision parts and assemblies, surface finishing technologies, precious metals and other specialty metals and systems. With manufacturing operations in the US, Mexico and China, PEP is a holding of Nautic Partners ("Nautic") of Providence, Rhode Island. Founded in 1986, Nautic is a middle-market private equity firm with over $2.3 billion of equity capital under management.

 Schaeffler, headquartered in Herzogenaurach, Germany, is a global manufacture of high quality roller bearings and assemblies for aerospace, automotive and other industrial applications.

Financial details of the transaction were not disclosed.

For further information contact:

tmurray@pep-corp.com

fhammerle@pep-corp.com

(508) 226-5600
For more information on upcoming industry related MDM Shows click on Show Name
 Lacey Manufacturing is a full service vertically integrated FDA, ISO 9001/2000, 13485/2003 European Medical Certified Contract Manufacturer of finished assemblies, subassemblies and precision components. Backed by more than 80 years of experience, Lacey provides quality, comprehensive turnkey-manufacturing services for the Medical Device, Commercial and Bearing Markets.

The vertically integrated services within Lacey provide a team environment that consistently achieves program objectives from a single source at a competitive price.

The vertically integrated core services include:
  • Quality Assurance
  • Engineering
  • Metal Stamping
  • Injection Molding
  • Assembly
The Lacey Manufacturing sales group can be contacted at:
Main Telephone: (203) 336-0121
Sales Telephone:(203) 336-7442
Fax: (203) 336-1774
Address:1146 Barnum Avenue
P.O. Box 5156
Bridgeport, CT 06610-0156
E-mail: Laceysales@laceymfg.com
Home | Quality | Engineering | Metal Stamping

Injection Molding | Assembly Operations | Information

Terms and Conditions