Correct Craft said it acquired Merritt Precision in Merritt Island, Fla. Terms were not disclosed.
Merritt Precision will be vertically integrated into Correct Craft subsidiary Watershed Innovation as a standalone business. It will retain its current management team.
“This acquisition is a key lynchpin in Correct Craft’s innovation strategy,” Bill Yeargin, Correct Craft CEO, told Trade Only Today. “We have specifically made the acquisition as part of our innovation entity, Watershed Innovation, in order to fully leverage the opportunity. While small compared to some of Correct Craft’s other acquisitions, this deal is critical to helping us prepare for a future in the marine industry that we believe will be much different than today.”
Merritt Precision manufactures sophisticated plugs for the marine, automotive and aerospace industries. Yeargin said Merritt’s team performs “world-class milling,” adding that the acquisition goes “well beyond a typical vertical integration.”
Merritt will serve multiple purposes going forward. “We believe this acquisition will position us well to not only develop cutting-edge tooling for our Correct Craft companies, but will also be a great platform to expand our robotics, 3D printing and other innovation initiatives,” Yeargin said.
Doug Keehn and Ben Ousley will continue leading Merritt Precision as vice president/general manager and vice president of operations, respectively.
“As part of Correct Craft, we will continue to provide the high level of quality, service and confidentiality that customers have come to expect from Merritt Precision,” Keehn said in a statement. “We are also very excited to leverage Correct Craft’s proven platform of cultural and financial resources to fuel our company’s growth.”
“As a long-term customer, we know Merritt Precision operates at the highest levels of competency and integrity,” Watershed president Sean Marrero said in the statement. “Through expanded capacity and new technologies, Merritt Precision will create even greater value in the future as part of Watershed’s vision of creating a better tomorrow today.”