Medtronic selling Andover subsidiary
This article was originally published in The Gray Sheet
Executive Summary
To electrosurgery products manufacturer Conmed for an undisclosed amount of cash. Andover Medical, a manufacturer and marketer of disposable electrodes and related accessories, was acquired by Medtronic in 1983 and generated sales of approximately $23 mil. in the year ended April 30. Medtronic says it is selling the business, which will continue operating out of Haverhill, Massachusetts, in order to focus on its core implantable and invasive medica device segments. The deal will significantly expand Utica, New York-based Conmed's electrode business; for the year ended Dec. 31, Conmed had $42.6 mil. in sales, approximately 70% from electrosurgery products and 30% from "patient care" products, principally electrodes and an adhesive device for holding I.V. catheters.