Marmon Holdings, a Berkshire Hathaway unit, has acquired a 60% interest in the Colson Medical Companies from Colson Associates.

Marmon intends to buy the remaining 40% over the next five years. Financial details of the transaction are yet to be divulged by either company.

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Chicago businessman Robert Pritzker founded Colson Associates.

Pritzker co-founded Marmon in 1953, later establishing Colson Associates after retiring as the former company’s CEO in 2002. Pritzker then acquired Colson Medical Companies and added businesses from Marmon.

Marmon chairman and CEO Angelo Pantaleo said: “We are excited to welcome the Colson Medical Companies back home to Marmon. Their innovative, proprietary products and processes and outstanding reputation make them an ideal fit for Marmon and provide our organisation with another strong growth platform.”

Colson Medical develops, manufactures and distributes speciality medical devices worldwide. Its portfolio consists of engineered plates and screws, along with related precision tools used in orthopaedic surgery.

The products are available through Acumed, MicroAire, Precision Edge, Apex, OsteoMed and Skeletal Kinetics businesses.

Marmon acquired all these businesses, except Apex and Skeletal Kinetics, between 1979 and 1999.

Together, the companies have more than 1,300 employees across the US, UK, Spain, China and Germany.

Berkshire Hathaway chairman and CEO Warren Buffett said: “The speciality medical device market is an attractive growth opportunity and the Colson businesses are highly regarded. Berkshire and Marmon will provide a home where these businesses can continue to flourish.”

Colson Medical Companies will operate as a sector within Marmon, led by Colson’s current president Chris Smith.

Marmon is an industrial organisation with ten different business sectors and more than 125 autonomous manufacturing and service businesses.

Last year, the company recorded revenues of more than $8.1bn.