Merit Medical Systems, Inc.
This article was originally published in The Gray Sheet
Begins integrating Mallinckrodt catheter unit following completion of the acquisition, announced Aug. 25 (1"The Gray Sheet" July 26, p. 24)
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Merit Medical Systems will acquire Mallinckrodt's $10 mil.-per-year diagnostic and interventional catheter production facility in Angleton, Texas for undisclosed terms under a July 21 agreement in principle. The purchase "strengthens our sales and new product development objectives by adding...revenue as well as providing a depth of core technology for future catheter development," Merit Chairman and CEO Fred Lampropoulos explains. Strategically, the non-core Mallinckrodt business complements Merit's current offerings and will allow consolidation of some existing catheter products into the Angleton facility for greater plant utilization. The deal is expected to close in August subject to a binding agreement. Separately, Merit announces a 28% increase in second-quarter net income to $752,684 on revenues of $19 mil., up 5.6%
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