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Resonetics signed an agreement to acquire Memry Corporation and SAES Smart Materials from SAES Getters, Milan, Italy. Both acquired businesses are based in the United States with operations in Bethel, Connecticut; New Hartford, New York and Menlo Park, California. The transaction is valued at $900 million.
“The SAES Medical Nitinol business is a leading supplier to the medical device industry with a broad set of capabilities focused 100% on nitinol, a novel superelastic, shape-memory alloy that is enabling many technological advances in a growing array of therapeutic areas including structural heart, peripheral vascular, electrophysiology, neurovascular, and orthopaedics,” said Tom Burns, President and CEO of Resonetics. “Upon completion of the deal, Resonetics will have the supply and scale to better address the growing customer needs for nitinol material, components, and implants. We will continue to provide a high level of service to all our customers, including contract manufacturers who serve the medical device industry. We look forward to offering customers enhanced options and products as a result of this transaction, and to working with the 550 employees at SAES Medical Nitinol that will be joining our team once the acquisition closes.”
Resonetics currently operates nitinol centers of excellence in San Diego, California, and Or Akiva, Israel with a focus on laser cutting, braiding, shape setting and electropolishing. In addition, Resonetics is a supplier of centerless grinding of nitinol wire with operations in Blaine, Minnesota and Alajuela, Costa Rica. The Memry business will add extensive electric discharge machining capabilities, as well as additional laser processing, centerless grinding, nitinol tubing, sheet and wire fabrication. The SAES Smart Materials business creates the nitinol raw material from nickel and titanium raw material and converts it into various form factors.
The transaction is expected to close in 2023. Until the transaction closes, each company will continue to operate independently.
Source: Resonetics
