International conglomerate Carlisle Cos. (NYSE:CSL) said yesterday it will acquire medtech contract manufacturer Providien for an undisclosed sum.
San Diego–based Providien provides medtech OEMs with thermoforming, precision machining and metals and injection molding services from three plants in California and one in Tijuana, Mexico. It has more than 1,000 employees and will become part of the Carlisle Interconnect Technologies (CIT) division. CIT makes electrosurgical, imaging, interventional, surgical, patient monitoring and medical cable products.
The purchase of Providien is part of Carlisle’s strategy to drive earnings by $15 per share, according to the Scottsdale, Ariz.-based company. “The acquisition of Providien fits our medical technologies platform expansion and vertical integration strategy, driven by aging populations and increased preference for minimally invasive surgical procedures,” said Carlisle president & CEO Chris Koch in a news release. “Providien adds new products for medical markets, including robotics, drug delivery, oncology and kyphoplasty, currently not served by CIT’s product portfolio.”
The addition of Providien also gives CIT a new product development and manufacturing footprint in the U.S. The company’s medical technologies operation also includes Redgroup, MicroConnex and LHi Technology.
Shares of CSL were trading at $145.62 at noontime today.
