Originally Published MDDI
May 2004
NEWSTRENDS
UTI to Buy MedSourceA proposed acquisition would create one of the world’s largest medical contract manufacturers.
UTI Corp. (Collegeville, PA) on April 28 announced it has agreed to buy MedSource Technologies Inc. (Minneapolis).
The value of the deal is about $230 million, including assumed debt. If shareholders and regulators approve, closing would occur in the summer of 2004. The board of directors for MedSource Technologies unanimously approved the purchase agreement.
The new company is to be renamed and reorganized into operating divisions serving specific markets. These divisions will cover cardiology and cardiac surgery, endoscopy, and orthopedics.
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