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|Vention Medical Enters Multiple Acquisition Deals|
|Published Wednesday, February 22, 2017|
A lab at Vention Medical. Photo: Vention
The Advanced Technologies division (Vention AT) of Vention Medical in Salem, a manufacturer of medical technology, was acquired by Ohio-based tech manufacturer Nordson Corporation. The $705 million acquisition deal will be financed through both cash and debt. Additionally, Vention acquired Lithotech Medical, an Israel-based manufacturer of complex nitinol wire-based technologies.
Founded in 1979, Vention has more than 35 years of experience in designing, engineering and manufacturing complex medical devices and components. The company specializes in components and services used in interventional and minimally invasive surgical products, including catheters, reinforced shafts, balloons, extrusions, polyimide tubing, heat shrink tubing, PTFE liner tubing, molded components and finished device assembly and packaging.
The Vention AT division employs approximately 775 people. The division reported sales of $150 million and EBITDA of $48 million for the trailing 12 months ended Jan. 31, 2017.
Vention consists of Vention AT and a separate Device Manufacturing Services (Vention DMS) business, a contract manufacturing operation which was not included in the deal with Nordson. The acquisition of Vention AT is expected to close during Nordson’s second fiscal quarter, pending customary regulatory clearances, at which point the company will operate as part of Nordson’s Advanced Technology Systems segment.
"We see Vention AT as an ideal complement to our current offering of single-use fluid management components, biomaterial delivery devices," says Michael F. Hilton, president and CEO of Nordson. "We are excited to bring our combined capabilities to the many leading medical OEM customers we share.”
Vention's acquisition of Lithotech will expand the company's portfolio of advanced components and technologies for the development and manufacturing of medical devices for the interventional market. In addition to supplying discrete nitinol components, Vention will now be able to integrate nitinol into customers’ design and development projects and leverage nitinol-based technologies for the manufacturing and assembly of devices from low-volume prototypes to high-volume production.
Tom Testa, president of Vention AT, says the Lithotech acquisition will help the company “further provide more leading-edge technologies to advance our customers’ medical device innovations faster and more cost effectively.”
Founded in 2001, Lithotech has designed and developed more than 100 products for customers worldwide, with dozens of products currently on the market.
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