The transaction is expected to close in the third quarter this year.
Nearly two years ago, Highland took over Minnesota-based MNSTAR, and the business says sales have increased 100 percent.
“This purchase will allow us to have a greater manufacturing capacity,” said George Klus, chief executive and president of Highland. “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.”
Precision has been a family-owned business since 1967, founded by Marshall and Faye Ledwick. Today, the provider of wire harness and cable assemblies has more than 100 employees.
“Both companies are strong players and highly respected in the wire harness industry,” said Tammy Wersal, Highland chief operations officer. “We are excited to continue our robust performance in the marketplace and adding this family business puts us in a great position to continue that trend.”
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