Integer Holdings, a Plano-based medical device contract development and manufacturing organization, is selling its Electrochem business, which focuses on non-medical applications for the energy, military, and environmental sectors, to Ultralife Corp. for $50 million in cash.
The deal—which follows the news of Integer’s recent $60 million and $30 million manufacturing expansions in Ireland—is expected to close by the end of October.
“The divestiture of our non-medical business is another example of Integer managing our portfolio to accomplish our strategic financial objectives,” Joe Dziedzic, Integer’s president & CEO, said in a statement. “Following the transaction, Integer will be a pure-play medical business with additional cash to pay down debt and execute our inorganic growth strategy.:
“Ultralife is an ideal buyer for Electrochem because they are a leader in providing critical power solutions to a variety of industries that include energy, defense, and environmental markets,” Dziedzic added.
Going forward, Integer will report the results of its Electrochem business, currently included in its “Non-Medical” segment, as part of discontinued operations, the company said. This will include any gain or loss recognized on the sale of the business.
Integer said it intends to use the proceeds from the sale to pay down outstanding debt and for “general corporate purposes.”
Integer Holdings Corp. is one of the largest medical device contract development and manufacturing organizations in the world. It serves the cardiac rhythm management, neuromodulation, and cardio and vascular markets.
As a strategic partner of choice to medical device companies and OEMs, Integer said it’s committed to enhancing the lives of patients worldwide by providing innovative, high-quality products and solutions. With Electrochem sold, its remaining brands include Greatbatch Medical and Lake Region Medical.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.
R E A D N E X T
-
With "lots of options for work and play," green space aplenty, and a welcoming vibe, Plano made Outdoor Magazine's cut of havens for happy living. The city also boasts the No. 1 park system in Texas per the Trust for Public Land and has a master plan to stay on top.
-
To kick off the foundation's launch, Sally Beauty Holdings is contributing $200,000 to SBH Inspires to fund both a national and a local partner that provide domestic violence assistance and rehabilitation services.
-
Sysgration America Corporation—which manufactures everything from industrial-grade AR/VR glasses to industrial PCs, lithium green energy battery packs, and more—is moving into a facility in the 800-acre technology/light industrial park in southeast Plano.
-
The $3.1 billion mega-fund from Dallas real estate investment firm Crow Holdings arms the company with financial firepower to target assets in high-growth markets across the country.
-
Pickleball Kingdom is joining a hot list of other pickleball venues coming to North Texas, including Pickle and Social in Frisco, Picklemall in Dallas, and The Picklr in Dallas and Fort Worth. Additional Pickleball Kingdom facilities are slated for Keller and other North Texas locations.
