Strengthens Position as a Global Leader in Medical Technologies
Galway, Ireland & Tualatin, Oregon [October 29th 2014] - Creganna Medical, a global provider of medical device outsourcing solutions, today announced that it has entered into a definitive agreement to acquire Precision Wire Components LLC (PWC), specialists in wire processing for the medical device industry. The combined company will be known as Creganna Medical and brings together two respected brands with market leading positions in the design, development and manufacture of Minimally Invasive Devices.
The acquisition will strengthen Creganna’s global footprint, enhance its technical capabilities and deepen customer partnerships. PWC’s manufacturing facilities in Tualatin, Oregon and Heredia, Costa Rica will be added to Creganna’s global footprint in the United States, Europe and Asia. PWC will complement Creganna’s existing solutions for minimally invasive delivery and access devices through the addition of wire component and coiling technologies. Customers will benefit from working with a single proven partner, offering a wider set of solutions, capable of serving their needs both globally and locally.
“The combined company brings together two exceptional organizations who are leading providers of outsourced solutions to the Medical Device industry” commented Chip Hance, CEO, Creganna Medical. “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.”
Geoff Hall, CEO Precision Wire Components stated “This acquisition will generate tremendous value for all of our customers. Together, we are creating one team with a much broader set of skills, services and capabilities that will be able to provide unmatched levels of service and support in multiple markets and locations. 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.”
All PWC employees and facilities will become part of Creganna Medical. Together, the company will have over 2,000 staff worldwide, 450,000 sq. ft. of manufacturing capacity and an operational presence in every major medical device manufacturing hub across the globe.
Transition to the Creganna Medical brand will be phased across the organization in the coming months.
The transaction, terms of which are not disclosed, is subject to regulatory approvals and other customary closing conditions and expected to close in early December 2014.
About Creganna Medical
Creganna Medical is ranked among the Top 10 global companies in the medical device outsourcing industry. The company specializes in the design and manufacture of minimally & less invasive delivery and access devices for a range of therapies. Serving over 400 companies across 30 countries, Creganna Medical’s customers include the world’s leading medical device and life science companies. Headquartered in Galway, Ireland, Creganna Medical has a global operational footprint with design and manufacturing facilities spanning the US, Europe and Asia.
About Precision Wire Components LLC
Precision Wire Components (PWC) was founded in 1996 in Tualatin, Oregon and is currently owned by The Riverside Company. The company designs and produces high precision medical wires and supporting components that are used in a wide variety of minimally invasive medical procedures. In 2009, PWC opened a manufacturing & cleanroom facility in Heredia, Costa Rica to locally support multinational customers establishing operations in the region. The company’s capabilities include wire straightening, grinding, coil winding, heat treating, forming, flattening, coating, and assembly of custom guidewires and devices. PWC was advised by Piper Jaffray on the deal.
Media Contacts:
Maura Leahy
Creganna Medical
Parkmore West, Galway, Ireland
Tel: +353 91 757801
Email: [email protected]