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UFP Technologies Inc (NASDAQ: UFPT) has acquired Contech Medical Inc for an undisclosed sum. Contech Medical designs, develops and manufactures class III medical device packaging primarily for catheters and guidewires.
Providence, Rhode Island-based Contech Medical's annual sales stands at $18 million.
UFP expects the acquisition to enhance its manufacturing capabilities and be instantly accretive to earnings.
"Today, around 70% of Contech's customers are our customers too. Because we provide complementary – not competing – products and services, we will be able to address customer needs in a more comprehensive way," said Jeffrey Bailly, chairman, CEO, and president of UFP.
UFP held $30.27 million in cash and equivalents as of June 30, 2021.
Price Action: UFPT shares are trading lower by 0.41% at $63.78 on the last check Wednesday.
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