Micromedics Acquired, to Launch Spin-Off Co.
Westlake, Ohio-based Nordson Corporation-a developer of dispensing equipment and applicators for the medical industry-announced Tuesday that it has entered into a definitive agreement to acquire St. Paul-based Micromedics, Inc.
The acquisition-the financial terms of which were not disclosed-is expected to close within roughly 30 days.
Micromedics representatives were not immediately available for comment on Thursday afternoon.
Micromedics, a biomaterial and medical device manufacturer that creates products for controlling bleeding and healing wounds, produces syringe applicators, which will be acquired by Nordson.
Micromedics products that are not being purchased by Nordson-including product lines related to ear, nose, and throat applications-will be produced under a new spin-off company called Summit Medical, Inc., according to Norsdson.
Nordson President and CEO Michael F. Hilton said in a news release that the acquisition fits intothe company's strategy of acquiring “high-performing market leaders with differentiated technology and a significant recurring revenue stream.”
“Micromedics extends Nordson's expertise in precision dispensing technology and helps grow our existing position in the rapidly expanding medical device industry,” Hilton said. “The market for biomaterial applicators in particular is expected to continue growing due to an expanding range of applications, the continuing introduction of new types of biomaterials, and more widespread reimbursement for procedures using these products.”
The acquired company will be integrated into Nordson's advanced technology systems segment.