The private equity arm of Wells Fargo Bank has purchased Minnesota Rubber & Plastics for an undisclosed price, officials announced Monday.
Under terms of the deals, the private equity firm, Norwest Equity Partners, gains control of Minnesota Rubber & Plastics plants across the United States, Europe and China.
Minnesota Rubber & Plastics has about 1,100 employees globally, including about 100 employees at its Plymouth headquarters, 200 at its Litchfield, Minn., factory and another 200 in River Falls, Wis.
Minnesota Rubber & Plastics spokesman Aron Yngve said officials are pleased with the purchase by Norwest because it will provide the capital needed to expand operations in China and to broaden its growing medical technologies business in China and the United States.
Minnesota Rubber & Plastics is a 70-year-old company that makes custom medical components that help surgeons seal off cavities or fluids in the human body during surgery. Other products can be imbedded in the spine or other bones.