Cretex Companies Acquires Pacific Plastics & Engineering

Soquel, CA.—May 23, 2011— Pacific Plastics & Engineering (PPE) today announced that it has been acquired by Cretex Companies, a diversified group of manufacturing companies, headquartered in Minnesota. PPE is a contract manufacturer of tight tolerance injection-molded, assembled and packaged devices for the medical and bio-tech markets. Located in Soquel, CA, PPE offers engineering and design, tooling construction, prototype, short-run and production molding, and assembly services in its FDA registered location.

“We are delighted to add Pacific Plastics & Engineering to the Cretex family of companies,” said Lynn Schuler, Chief Executive Officer of Cretex Companies, Inc. “This acquisition continues our growth in the attractive medical market and gives us a presence in the dynamic Bay Area, where medical device startup activity remains strong. PPE will complement our existing medical portfolio companies of rms, Meier Tool & Engineering, and Juno. We are also pleased that founders Stephanie and Jack Harkness will remain engaged to help guide the business as we continue to grow upon the exceptional foundation they’ve built over the past 22 years.”

“With this transfer of ownership, we can assure our employees and customers that it’s business as usual. The acquisition by Cretex ensures our legacy in the medical device industry and offers complimentary capabilities to our customers,” reflected Stephanie Harkness, Pacific Plastics co-founder and president.

Terms of the acquisition were not disclosed.

Cretex, established in 1917, is a privately held, diversified manufacturing company headquartered in Elk River, Minnesota. Its Commercial Products Group consists of rms Co., Meier Tool & Engineering, Inc., Juno, Inc., Pacific Plastics & Engineering, Inc. and Elk River Machine Co. This diverse group of companies provides contract manufacturing services requiring precision machining, metal stamping and fabrication, plastic molding, medical device assembly and packaging, and heavy gauge metal machining and fabrication. Customers are primarily OEMs in the medical, aerospace, and industrial products markets. Through its Building and Infrastructure Group, Cretex is also a leading provider of reinforced concrete pipe and other precast and prestressed concrete products serving the infrastructure and commercial building needs of the central United States. Cretex Companies employs about 1,700 people in 38 locations in 11 states.