Heraeus Holding announced today that it has purchased Dayton, Ohio–based Norwood Medical.
Norwood Medical and its more than 1,100 employees make high-precision components in three key medical device markets: minimally-invasive surgery, orthopedics and robotic-assisted surgery.
The financial terms of the deal were not disclosed. Norwood Medical will continue to operate as a standalone business and retain its company name and management team.
“When we began discussions, it was evident that Norwood checked all the boxes: an experienced team, an outstanding innovation culture and a track record of manufacturing excellence. We are very confident we can accelerate their growth and penetrate new markets around the world,” Heraeus Holding CEO Jan Rinnert said in a news release.
Ken Hemmelgarn Jr., the VP of finance of Norwood Medical, said merging with Heraeus will enable it to capitalize on the Hanau, Germany–based giant’s global reputation and better scale the business.