TE to be key supplier to minimally invasive interventional medical device segment
Acquisition establishes TE as a key supplier to the minimally invasive interventional medical device segment
TE Connectivity a Swiss-based manufacturer of electronics and sensors, is to acquire Creganna Medical group for $895 million.
Creganna Medical designs and manufactures minimally invasive delivery devices. The company, headquartered in Ireland, reported sales of approximately $250 million in 2015.
“The acquisition of Creganna Medical is part of our well-established strategy to expand our leadership position in harsh environment applications,” said TE Connectivity chairman and CEO Tom Lynch.
“This transaction builds on our AdvancedCath acquisition and establishes TE as a leading supplier to the high-growth minimally invasive interventional segment. Our existing medical product offering, coupled with these acquisitions, positions TE with the broadest range of products and technologies serving this high-growth space.
“We look forward to welcoming Creganna’s talented team to TE,” said Lynch. “The combined team will bring significant engineering expertise and industry depth to create highly engineered solutions for OEMs globally.”
Upon completion of the transaction, the business will become part of TE’s Industrial Solutions segment.