For "extreme conditions": TE buys medical-device maker for $895M
Creganna adds "minimally invasive solutions"
TE Connectivity Inc., a $12 billion (yearly sales) switch, sensor and electronic equipment maker that is nominally based in Switzerland but run from offices in Berwyn, Chester County, has agreed to pay $895 million to purchase Creganna Medical, a $250 milion, Ireland-based maker of "invasive" medical devices, from owner Permira Funds.
Creganna will expand the buyer's existing medical businesses. The deal "establishes TE Connectivity as a leading provider of minimally invasive integrated solutions in the attractive interventional segment," TE CEO Thomas Lynch said in a statement. The deal is pending regulatory approval; TE hopes to close this fall.
Lynch added that Creganna bulks up TE's capacity to build parts for medical manufacturers "in critical harsh environment applications" under the "extreme conditions" inside human bodies. Creganna supplies medical weapons for "minimally invasive medical procedures used in cardiovascular, neurovascular and other life-saving treatments and procedures." The company says these devices can be less expensive to apply, compared to traditional surgery.
Creganna adds six plants and 225 product-development engineers to TE's staff of 7,000 engineers and scores of factories in the Americas, Europe and Asia, including several sites in central Pennsylvania.