Silicone is an integral part in the growth of the medical field. This product is being used in patient care, patient monitoring, therapy, surgery, respiratory and anesthesia, and so many others.
But the product is only as versatile as the market around it and the company that are in the background. There are certainly a number of big corporations out there that are competing in developing the next best thing in silicone.
One company that is the top leaders in the silicone world in the branch of medical field is Parker-Hannifin Corp based on Cleveland. Since their acquisition of Hi-Tech Corp back in 2008 the company has grown into a global force geared towards medical moldings.
Jeff Vihnanek, a product manager based at the Medical Systems Division headquarters in Anaheim, and who was an employee at the time Parker-Hannifin bought the conglomerate, said that the Cleveland-based company was poised to expand their business in the medical area.
Seeing the amount of business that Hi-Tech Corp. is doing in that sector led Parker-Hannifin in acquiring and investing in the business. Their next step was to ensure that their new annex would maintain the flow of profit that was coming in, and in the end it swayed towards the medical sector and naturally grew towards that direction.
Hi-Tech Group’s conglomerate nature started when Red Diamond Capital Inc. and Century Park Capital Partners L.P., with some other company management, absorbed Hi-Tech Rubber forming the Hi-Tech Group.
After that the group acquired several other companies – A.C. Hoffman and Inland Technologies in 2005, Ventrex in 2006, and Accusil in 2007 – and the rest is when Parker took over seven years ago.
Ease of Transition
While changes can certainly be difficult in the first few months, or the first few years, when a company is acquired, Parker did a good job in easing that transition.
And not only that but it also did remarkably in lending its strength to Hi-Tech Corp.; providing guidance when needed and leveraging each of their division’s expertise to identify problems, come up with solutions, and develop ideas in areas that haven’t been fully explored.
Another change that was imposed by Parker was that it pushed Hi-Tech to become more efficient, customer-focused, and taught their employees how to find ways in providing value-added services whenever they can.
The result is their current $100 million annual sales in their Medical Systems Division.
A business such as this is what makes it possible for the medical field to flourish in certain sectors. Their ability to quickly adapt in situations and utilize different strengths in their company is among the top reasons silicone breakthroughs are becoming more frequent. This in turn lessens silicone’s limitation resulting in medical devices using this product to be more versatile and dynamic.