Highland Holdings LLC announced that it has signed an agreement to purchase Precision Manufacturing Co. Inc., (PMCI) of Dayton, Ohio, a deal slated to close this year.
A press release said that PMCI, a family owned business founded in 1967, employs more than 100 people. It will continue to manufacturing operations under the Precision Manufacturing name in Dayton. It follows a prior related purchase in 2020 of a Bovey, Minnesota, wire-harness manufacturer, MNSTAR. That operation saw its sales double, and there are big expectations for PMCI.
“When a company like ours has more resources and facilities, we are able to better meet the needs of customers, putting us in the next level of growth,” said George Klus, CEO and president of Highland Holdings, in a written statement. In it, he said that the PMCI acquisition “will substantially increase its production capacity in the wire-harness industry and help meet growing demand for electrical components.”
MNSTAR employs about half as many people in Bovey, where it is also laying plans for an expansion. The company’s clients include manufacturers of equipment in the marine, automotive, agriculture, construction, transportation and emergency response industries.