NN Inc. to pay $375m for Paragon Medical

NN Inc. (NSDQ:NNBR) said today that it agreed to put up $375 million for orthopedic contract manufacturer Paragon Medical. Pierceton, Ind.-based Paragon makes orthopedic case and tray kits, implants and instruments and posted sales growth of 11.9% to $141 million last year, NN said. Paragon also has facilities in Indianapolis, Smithfield, Utah, Siechnice, Poland, Lausanne, Switzerland and Changzhou, China. NN, which is based in Johnson City, Tenn., said it expects the deal to deliver $33 million in synergies over three years, with $16 million coming during the first year after closing, expected during the second quarter. “I look forward to welcoming the Paragon team to the NN family. The acquisition of Paragon Medical fits perfectly with our strategic plan and stated goal of expanding our life sciences portfolio. Paragon strengthens our technical abilities, expands our product and finished device offerings, and adds key talent across our organization that will help us continue to drive growth in our end markets,” president & CEO Richard Holder said in prepared remarks. “Combining our great franchise with NN under their life sciences division is an exciting opportunity for Paragon’s customers and associates. NN’s focus on delivering engineered solutions that help their customers bring new products to market aligns perfectly with Paragon’s core mission and values. The combined company creates a dynamic portfolio that meets our customer...
Source: Mass Device - Category: Medical Devices Authors: Tags: Contract Manufacturing Mergers & Acquisitions Orthopedics Wall Street Beat NN Inc. Paragon Medical Source Type: news