Medical device contract manufacturer Paramit said today it picked up medical instrumentation product development company Lathrop Engineering for an undisclosed amount.
The Morgan Hill, Calif.-based company said the addition will speed up its time-to-market for new product design and manufacturing, expecting to see timeframes faster than its average 18-20 months, which the company touted as being shorter than the industry average of 24 months.
“Our customers tell us that we provide a better than best-in-class experience across quality, service, delivery and cost, the four most important aspects of contract manufacturing. With the acquisition of Lathrop Engineering, we will add product development to our offerings, seamlessly blending it with our manufacturing capability to improve customers’ time to market and their overall experience in new product introductions,” Paramit CEO Billoo Rataul said in a press release.
The newly acquired engineering firm has experience in airflow analysis, fluidics controls, multi-spectral flow cytometry, fluorescence imaging and high and low power digital microscopy for quantitative analysis and human interface, Paramit said.
“We have collaborated successfully with Paramit on several projects in the past and have validated this enhanced speed to market. Through this joint work, we have identified tremendous opportunities to combine our worry-free development and risk mitigation processes with Paramit’s exceptional manufacturing quality to provide unparalleled solutions to medical and life sciences companies with complex instrumentation needs,” Lathrop Engineering CEO Bob Lathrop said in prepared remarks.
Paramit said it will continue to maintain Lathrop’s design center in San Jose.
