ST. PETERSBURG, FL -- Jabil Circuit will acquire precision plastic manufacturer Nypro for $665 million in cash. The deal is expected to close by March 31.

Nypro makes precision plastic consumables and disposables. It serves the healthcare, packaging and consumer electronics industries, and has over $1 billion in total annual revenues.

The deal will "extend Jabil's materials manufacturing capabilities into the healthcare and consumer packaging markets as well as add depth to our consumer electronics business," said Tim Main, chairman and CEO of Jabil. "We think this is an important strategic step in Jabil's development of engineering and capability intensive businesses."

The rigid plastic packaging market is a $140 billion market globally.