Carolina Precision Technologies Acquires Renchel Tool Inc.

Mooresville, NC., July 31, 2019 – Carolina Precision Technologies (CPT), an industry leading precision contract manufacturer to the Life Sciences and Aerospace industries, today announced the acquisition of Renchel Tool Inc. – a niche contract manufacturer with focus on complex orthopedic instruments and implants, as well as aerospace/petro-chemical applications. Headquartered in Putnam, CT, Renchel Tool’s products predominantly cover a broad range of precision machined instruments for the medical device surgical market, including orthopedic instruments used during hip, knee, spine, and extremity surgeries.

“Ron and Brenda Williams and their management team have done an outstanding job growing Renchel into one of the most respected OEM suppliers in the orthopedic space. Their reputation reflects their consistent and sustainable performance delivering high quality products with exceptional on time delivery” stated Christopher M. Cashman, Chief Executive Officer and President of CPT. “This transaction is a combination of highly compatible cultures and complimentary capabilities, expertise, and industry synergies. We are very excited that the Renchel team is joining Carolina Precision.”

Ron Williams, President of Renchel Tool, commented “We are very pleased that our Company has found a terrific partner that will bring expanded capital resources and further manufacturing and industry expertise that will allow Renchel to continue to expand its capacity and customer base. I am thankful for what each of our employees has contributed over the years and look forward to seeing the future positive developments.”