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news.Synovis Life Technologies has entered into a definitive agreement to sell substantially all of the assets of its interventional business to Heraeus Vadnais, located in Vadnais Heights, Minnesota and related entities.
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The boards of directors of both companies have approved the transaction. The purchase price is $29.5 million in cash plus the assumption of certain operating liabilities, subject to a working capital adjustment. Synovis expects to have a pretax gain of approximately $11 million to $12 million on the transaction, subject to any final closing adjustments. The parties expect to close the transaction on January 31, 2008, after satisfying customary closing requirements.
The interventional business provides contract services to develop, prototype, manufacture and design complex micro-wires, molded polymer and micro-machined metal components used in interventional devices, primarily for cardiac rhythm management (CRM) and other medical markets.
Roland Gerner, managing director of W C Heraeus, the parent company of Heraeus Vadnais, said: “With this acquisition, we strengthen our strategically important Medical Components Division and our market share in the med-tech industry in the US as well as in Puerto Rico where our main customers are located.”