Essel Propack acquires US medical devices companyApril 1st, 2008 - 8:04 pm ICT by admin
Mumbai, April 1 (IANS) Essel Propack Ltd, the world’s largest manufacturer of laminated tubes, has acquired US-based Catheter and Disposables Technology (CDT), a supplier of specialized medical disposable devices. CDT, based in Minneapolis, is a total solutions provider, from the concept to the finished packaged sterile products, in the field for over two decades, Essel Propack, a part of the Essel Group, announced here Tuesday.
Essel Propack president R. Chandrasekhar said the acquisition is in line with the company’s strategic plans for the medical device business.
“CDT, acquired in an all-cash deal through our US subsidiary, Tacpro Inc., will certainly expand our current footprint into a new geography and broaden our existing product lines,” he said.
The deal will help the firm’s medical business to establish and expand operations in Minnesota, the second largest centre in the US for manufacturing medical devices.
“The acquisition, which came into effect Tuesday, is the first of the few steps for us to broaden our medical device business,” said Essel Propack chairman and managing director Ashok Goel.
Mumbai-based Essel Propack is in three distinct business lines - plastic and laminated tubes, medical devices and speciality packaging. Its medical device businesses offering total solutions to catheter-based products are located in California and Singapore.
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