Creganna-Tactx agrees to buy Precision Wire Components

29 October 2014 (Last Updated October 29th, 2014 18:30)

Ireland-based Creganna-Tactx Medical has signed an agreement to acquire Precision Wire Components (PWC), which offers wire processing for the medical device industry.

wire

Ireland-based Creganna-Tactx Medical has signed an agreement to acquire Precision Wire Components (PWC), which offers wire processing for the medical device industry.

Following the acquisition, the combined company will be named Creganna Medical. It will focus on the design, development and manufacture of minimally invasive devices.

As part of the acquisition, PWC's manufacturing facilities in Tualatin, Oregon and Heredia, Costa Rica will be added to Creganna's global footprint in the US, Europe and Asia.

Creganna Medical CEO Chip Hance said: "The combined company brings together two exceptional organizations who are leading providers of outsourced solutions to the medical device industry.

"Following the acquisition, the combined company will be named Creganna Medical. It will focus on the design, development and manufacture of minimally invasive devices."

"Today's announcement represents an important step in our growth as a leading global medical technology company. PWC is an ideal fit for Creganna. Adding PWC's adjacent technologies to our existing portfolio is a further opportunity for customers to efficiently consolidate their supply base.

"Culturally, we both share a passion to serve those customers with pioneering technologies coupled with exceptional quality and service."

The acquired business includes wire component and coiling technologies, which will complement Creganna's existing solutions for minimally invasive delivery and access devices.

Under the deal, all the employees and facilities of PWC will be included under Creganna Medical, and together the company will feature more than 2,000 staff and a 450,000ft² manufacturing capacity.

PWC CEO Geoff Hall said: "With a significant amount of complementary technologies and experience, we will be extremely well positioned to support a broad array of customer projects and development opportunities with a single point of contact."

Subject to regulatory approvals, the transaction is scheduled to be completed in early December this year.


Image: Precision Wire Components specialise in precision wire grinding and coiling for minimally invasive medical devices. Photo: courtesy of Creganna-Tactx Medical.