Costa Rica Business News – Creganna-Tactx Medical, a global provider of medical device outsourcing solutions, today announced that it 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.
The acquisition will strengthen Creganna’s 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. Customers will benefit from working with a single proven partner, offering a wider set of solutions, capable of serving their needs both globally and locally.
“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.”
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.”
All PWC employees and facilities will become part of Creganna Medical. Together, the company will have 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.
Transition to the Creganna Medical brand will be phased across the organization in the coming months.
The transaction, terms of which are not disclosed, is subject to regulatory approvals and other customary closing conditions and expected to close in early December 2014.