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news.Greatbatch, a manufacturer of critical components used in medical devices, has signed a definitive agreement to acquire Precimed, a technology-driven supplier to the orthopedic industry.
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The agreement also includes Precimed’s contract to acquire the operations of another company in the orthopedic industry. According to Greatbatch, the combined transaction will establish the company as one of the top three suppliers to orthopedic OEMs.
Under terms of the agreement, the aggregate purchase price will be approximately $125 million depending on closing adjustments, plus an additional earnings-based contingent cash payment of up to approximately $10 million based on 2008 earnings performance. The company will utilize cash on hand and availability under its revolving credit agreement to fund these transactions. Both transactions are expected to close in early 2008.
Thomas Hook, Greatbatch’s president and CEO, said: “This acquisition supports our strategic vision to be a key global component supplier to the medical device industry.”