Theragenics to Acquire NeedleTech

Theragenics Corp. will buy NeedleTech Products Inc. in a $47.8 million cash deal.

The deal should close in the third quarter of 2008, Buford, Ga.-based Theragenics said.

Attleboro, MA-based NeedleTech makes coaxial needles, biopsy needles, access trocars, brachytherapy needles, guidewire introducer needles, spinal needles, disposable veress needles, and other needle-based products.

“This acquisition will forward our stated strategy of becoming a diversified medical device manufacturer, will increase our breadth of offerings to our existing customers and will expand our customer base of large leading-edge OEMs,” said M. Christine Jacobs, chairman and CEO of Theragenics. “NeedleTech is a good fit, offering products that complement our existing product lines in both our surgical products and brachytherapy businesses. This acquisition will also advance our strategy to provide an ever growing array of high quality, ‘Made in the USA’ products and systems to large players in the medical device field.”

Theragenics, a surgical products and cancer treatments company, had net income of $1.6 million on $15.2 million in revenue in the first quarter.

SOURCE: Atlanta Business Chronicle