TE Connectivity Acquires AdvancedCath
A cash sum of USD$190 million has been paid by TE Connectivity to acquire AdvancedCath in a deal that was announced this Wednesday.
AdvancedCath is one of the top sources of advanced catheter systems, predicting revenues of approximately USD$60 million for the upcoming year. They are leading the way with their best-in-class technologies and industry-leading experience in the lifesaving therapy field.
This acquisition is a big step for TE in the medical market, solidifying their position and allowing them to provide more complete integrated solutions to customers. It leverages TE's expertise in engineering and manufacturing with AdvancedCath's strong reputation and expertise in the healthcare and medical device market.
"The acquisition of AdvancedCath expands TE's Medical business and positions us to be a leading provider of connectivity and sensor solutions in the high-growth medical device market," said Terrence Curtin, president of TE Connectivity’s Industrial Solutions segment.
"Today's OEMs are developing innovative procedures that are minimally invasive to improve outcomes and quality of care. The combination of TE's connectivity and sensor solutions with AdvancedCath's expertise in the medical device market provides customers with an unmatched set of capabilities and technologies that enable future innovations and medical advances. We look forward to welcoming AdvancedCath's talented team to TE."
The strategic rationale of the deal is that it establishes TE's Medical business as a leading provider of highly engineered connectivity and sensor solutions for OEMs in the attractive and growing medical device market. It will also increase TE's opportunity in the interventional device outsourced manufacturing market, which is growing at 10 percent annually.
"We can now offer customers an unmatched combination of sensor, material science, electrical and biomedical technologies and a single source of manufacturing expertise for advanced medical devices," said Randall Sword, CEO of AdvancedCath. "With TE's geographic footprint, we can provide better support to our global customers as they progress through development, clinical trials and volume manufacturing."
Currently TE's Medical business designs and manufactures connectors, sensors and components for various healthcare applications. Upon the completion of the transaction, the AdvancedCath team will report in through TE's Medical business unit, which is part of TE's Industrial Solutions segment.
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