Specialty Blades, Inc. based in Staunton, Va. (www.specialtyblades.com) has entered into a Letter of Intent to purchase Popper and Sons, Inc. (www.popperandsons.com) a manufacturer of specialty needle and tubing products to the medical device and diagnostics industries. Specialty says the acquisition will create the world’s leading cutting and piercing component company serving the medical device industry with estimated combined sales of $35 million. Terms of the transaction were not disclosed.
“Popper’s portfolio of specialty needle and tubular products complements our current medical device contract manufacturing strategy,” said Peter Harris, president and chief executive officer of Specialty Blades. “The combined offerings should give medical device and diagnostics companies the broadest array of cutting and piercing device development and production skills in the industry and further cement our position as the cutting and piercing center of excellence for these markets. The transaction is also expected to substantially increase our revenues and is an important step in our strategy to grow our business and increase shareholder value,” added Mr. Harris.
According to Joseph Popper, president of Popper and Sons, “Medical contract manufacturers need to broaden the array of solutions provided to the device industry. The combined capabilities of the two companies will create an offering unlike any other, helping device developers to create higher performing products and improving outcomes for patients.”
The acquisition, which is subject to customary conditions, is expected to close on or before December 31st, 2007.