Sandvik Materials Technology has entered an agreement with the American company Medtronic Inc. concerning the acquisition of a manufacturing plant that specializes in medical instruments for spinal surgery.
The plant is located in Memphis, Tennessee, in the US, and the acquisition is expected to be concluded during the first quarter of 2008.
The Memphis plant, which is a leading manufacturer of medical instruments for spinal surgery, complements Sandvik's existing expertise and product offering within the medical area. Sandvik will continue to supply Medtronic as part of a long-term supply agreement.
Sales amount to approximately SEK 140 M (USD 20 M) and the number of employees totals 110.
Through the acquisition, Sandvik further strengthens its position in the strategically important and rapidly expanding medical segment.
"The acquisition is in line with our long-term ambition to be a strategic partner within the medical area and a complete supplier to globally leading medical technology companies. Through the acquisition of Medtronic's Memphis plant, we extend both expertise and capacity in the field of spinal surgery, which complements our offering within the medical area," says Peter Gossas, President of Sandvik Materials Technology.
Sandviken, 21 December 2007
Sandvik AB; (publ)