Bonding materials firm Scapa has bought Tennessee-based WEBTEC Converting for $30m in cash.
WEBTEC is a contract manufacturer and converter, printer and packager of adhesive-backed medical devices and provides companies in the woundcare, diagnostics and electronics markets.
"Scapa is seeking to build a group that is comprised of three divisions, equal in scale: Medical, Electronics and Industrial. The Acquisition supports this growth and is an important step in enhancing Scapa's technology and service offer to medical customers," Scapa said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
A maximum additional payment of $15m could be paid depending on results in 2012 and 2013.
WEBTEC generated unaudited revenues and operating profits of $27m and and $3.6m in 2010.
Scapa's Chief Executive Heejae Chae said: "[WEBTEC's] blue chip customer base and strong management team are an excellent fit with our Group and will enable us to offer turn-key solutions in advanced wound care and consumer medical segments."
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
