Ireland-based Creganna-Tactx Medical has signed an agreement to acquire Precision Wire Components (PWC), which provides wire processing for the medical device industry.
Creganna Medical will be the new name for the combined company, and will focus on the design, development and manufacture of minimally invasive devices.
Creganna Medical CEO Chip Hance said the combined company brings together two exceptional organizations who are providers of outsourced solutions to the medical device industry.
"Today’s announcement represents an important step in our growth as a leading global medical technology company. PWC is an ideal fit for Creganna," Hance added.
The business being acquired includes wire component and coiling technologies, which will complement Creganna’s existing solutions for minimally invasive delivery and access devices.
As part of the deal, all the employees and facilities of PWC will be included under Creganna Medical, and together the company will feature around 2,000 staff and 450,000ft² manufacturing capacity.
Precision Wire Components CEO Geoff Hall said: "This acquisition will generate tremendous value for all of our customers."
Subject to regulatory approvals, the transaction is expected to be completed in early December 2014.
Image: Precision Wire Components specialize in precision wire grinding and coiling for Minimally Invasive medical devices. Photo: courtesy of Creganna-Tactx Medical.