A high-profile Gaston manufacturing operation is changing hands.

Zeus Co. Inc., the tubing manufacturer that runs the local plant plant along Interstate 26, announced last week that it has been purchased by EQT Private Equity of Sweden, with Bloomberg News reporting that the sale price was about $3.4 billion.

“Founded in 1966, Zeus is a pioneer in the design, development, and extrusion of fluoropolymer tubing for medical devices and select industrial applications,” a release from EQT states. “EQT also announced that John Groetelaars, former CEO of Hillrom and EQT Industrial Advisor, will serve as Zeus’ Executive Chairman upon closing of the transaction.”

Per the release, Zeus, headquartered in Orangeburg, has about 2,400 employees globally, serving more than 300 customers in more than 100 countries, covering areas such as “medical device manufacturers, contract device manufacturing organizations, academic institutions, and industrial customers across aerospace, semiconductors, and automotive,” among others.

Worldwide, Zeus claims facilities in Aiken, Columbia, Gaston, Orangeburg, and St. Matthews in South Carolina, along with others in New Jersey, Tennessee, California, Minnesota, China and Ireland.

“EQT will support Zeus with investments in additional capacity, R&D, and operational excellence, to support the rapidly growing medical fields that leverage minimally invasive technologies,” the release states. “These investments will enable the Company to continue its legacy and reputation of partnering with its clients’ research and development groups to remain at the forefront of next generation technologies.”

Representatives from both sides espoused the potential benefits of the partnership.

“EQT has tracked the medical device component industry closely for several years, and we believe Zeus is uniquely positioned within the end markets it serves due to its unmatched material science and process expertise,” Ethan Waxman, partner within EQT Private Equity’s Advisory Team, is quoted. “We are excited to partner with the Company and invest in its next phase of growth, its employees, and the communities it serves, while maintaining Frank Tourville Sr.’s values and commitment to excellence, which are shared by EQT.”

“We are excited to join the EQT family,” Steve Peterson, president and CEO of Zeus, is quoted."Zeus has gained significant momentum in recent years due to a strategic global expansion plan. This acquisition accelerates that momentum and growth by supporting future expansion, new product innovation, process improvements, technological transformation, and enhanced capabilities.”