Creganna-Tactx Medical, a global provider of medical device outsourcing solutions, has entered into a definitive agreement to acquire Precision Wire Components LLC (PWC), specialists in wire processing for the medical device industry. The combined company will be known as Creganna Medical and brings together two respected brands with market leading positions in the design, development and manufacture of Minimally Invasive Devices.
Such is the underworld that is the B2B outsourcing business that you may well not have heard of Creganna-Tactx Medical. However the company is ranked among the Top 10 global companies in the medical device outsourcing industry, specializing in the design and manufacture of minimally & less invasive delivery and access devices for a range of therapies. Headquartered in Galway, Ireland, Creganna-Tactx Medical has a global operational footprint with design and manufacturing facilities spanning the US, Europe and Asia.
Consolidation in the medtech industry is nothing new, the benefits of togetherness trumping the advantage of being a small specialist provider. To this end, Creganna says the acquisition of PWC will strengthen its global footprint, enhance its technical capabilities and deepen customer partnerships.
PWC’s manufacturing facilities in Tualatin, Oregon and Heredia, Costa Rica will be added to Creganna’s global footprint in the United States, Europe and Asia. PWC will complement Creganna’s existing solutions for minimally invasive delivery and access devices through the addition of wire component and coiling technologies. The combined entity should mean that customers will benefit from working with a single partner, offering a wider set of solutions.
On completion, all PWC employees and facilities will become part of Creganna Medical, leaving the company with over 2,000 staff worldwide, 450,000 sq. ft. of manufacturing capacity and an operational presence in every major medical device manufacturing hub across the globe.
The terms of the transaction have not been disclosed, but subject to regulatory approvals and other customary closing conditions and expected to close in early December 2014.
for Creganna Medical
“The combined company brings together two exceptional organizations who are leading providers of outsourced solutions to the Medical Device industry” commented Chip Hance, CEO, Creganna Medical. “Today’s announcement represents an important step in our growth as a leading global medical technology company. PWC is an ideal fit for Creganna. Adding PWC’s adjacent technologies to our existing portfolio is a further opportunity for customers to efficiently consolidate their supply base. Culturally, we both share a passion to serve those customers with pioneering technologies coupled with exceptional quality and service.”
for Precision Wire Components
Geoff Hall, CEO Precision Wire Components stated “This acquisition will generate tremendous value for all of our customers. Together, we are creating one team with a much broader set of skills, services and capabilities that will be able to provide unmatched levels of service and support in multiple markets and locations. With a significant amount of complementary technologies and experience, we will be extremely well positioned to support a broad array of customer projects and development opportunities with a single point of contact.”
Source: Creganna-Tactx Medical, Inc., Business Wire