Resonetics (Nashua, N.H.) said today that it has purchased STI Laser Industries (Or Akiva, Israel), a medical device industry supplier of laser processing, nitinol shape setting and electropolishing, and cleanroom assembly and packaging.
Financial terms of the deal were not disclosed. Founded in 1998 by its president and CEO Tovy Sivan, STI has a worldwide business, with customers in the U.S., Japan, China and South Korea.
“Israel is recognized around the world as an important medical device center, and we are very excited to gain access to these customers with STI,” Resonetics CEO Tom Burns said in a news release.
“Tovy’s entrepreneurial spirit and the strong management team he assembled have created an impressive business serving the structural heart, neurovascular and minimally invasive surgery markets. The acquisition also broadens Resonetics’ nitinol processing capabilities, an important capability to serve our growing interventional business,” Burns said
STI is in the process of doubling its Or Akiva operations. Building 2 is under construction; it is slated to open in early 2020, increasing the Israel operation to 60,000 square feet.
Resonetics has been actively expanding its capabilities. Earlier this month, it announced a strategic alliance with Meraqi Medical (Fremont, Calif.) that combines Meraqi’s design, development, and finished device assembly expertise with component and sub-assembly manufacturing expertise at Resonetics. In June, Resonetics announced that it had bought Swiss manufacturer Medelec, which makes metal tubing and other components for the medical device industry.