Precision Medical Products was acquired by the medical division of the Röchling Group, a Mannheim, Germany-based manufacturer, Central Penn Business Journal reports.
Here are five highlights:
1. The transaction took effect May 25, and terms were not disclosed.
2. East Cocalico Township, Pa.-based Precision Medical Products will operate as Röchling Medical Lancaster and join Röchling Medical's other North American operation, Röchling Medical Rochester.
3. All of Precision Medical's approximately 120 employees will be retained. Precision Medical directors will also retain their current positions. Precision Medical executive vice president Bob Rhoads will serve as the new entity's vice president of operations.
4. George Weaver and Jerry Holleran, who co-founded Precision Medical, will retire.
5. Precision Medical's Doug Yocom is stepping down as president and CEO and will remain with the company for 12 to 18 months to help with the leadership transition.
Röchling Medical President Lewis Carter will take over as president of Röchling Medical Lancaster.
"For me personally, it was one of the most difficult business deals I've ever had to evaluate and consider. In the end, however, I made the decision that the opportunity presented by Röchling Medical was too good to pass up — for employees, customers and partners," Mr. Yocom said in a statement.