Healthcare Industry News: Contract Manufacturing
News Release - September 17, 2007
Specialty Blades, Inc. Announces Letter of Intent to Acquire Popper and Sons
Combined Company to Provide Expanded Solutions to Medical Device and Diagnostics IndustriesSTAUNTON, Va., Sept. 17 (HSMN NewsFeed) -- Specialty Blades, Inc. (SBI) announced today that it has entered into a Letter of Intent to purchase Popper and Sons, Inc. (Popper). Popper supplies a variety of specialty needle and tubing products to the medical device and diagnostics industries. The combination will create the world's leading cutting and piercing component company serving the medical device industry with estimated combined sales of $35M. Terms of the transaction were not disclosed.
"Popper's portfolio of specialty needle and tubular products complements our current medical device Contract Manufacturing strategy," said Peter Harris, President and CEO of SBI. "The combined offerings should give medical device and diagnostics companies the broadest array of cutting and piercing device development and production skills in the industry and further cement our position as the cutting and piercing center of excellence for these markets. The transaction is also expected to substantially increase our revenues and is an important step in our strategy to grow our business and increase shareholder value," added Mr. Harris.
According to Joseph Popper, President of Popper, "Medical contract manufacturers need to broaden the array of solutions provided to the device industry. The combined capabilities of the two companies will create an offering unlike any other, helping device developers to create higher performing products and improving outcomes for patients." Information about Popper and its offerings is available at www.popperandsons.com.
The acquisition, which is subject to customary conditions, is expected to close on or before December 31st, 2007.
Source: Specialty Blades, Inc
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