07.31.13
Moog Inc. has sold Ethox Medical, a Buffalo, N.Y.-based medical device company, as it considers whether to sell the rest of its medical devices business segment. Ethox produces medical devices and is a contract manufacturer of disposable products for many OEMs. The firm also provides microbiology, toxicology and sterilization services.
Terms of the deal were not disclosed, but Ethox was sold to Dempsey Ventures, a Grand Rapids, Mich.-based private equity firm that focuses on healthcare products. Moog said the sale would generate an after-sale, non-cash loss of about $5 million, or 11 cents per share, that will be reflected in its fiscal third-quarter results, which were due to be released in late July.
In addition, Moog has hired RBC Capital Markets LLC to help with a strategic assessment of the remainder of its medical devices segment, “including the possibility of divesting the entire segment.”
Moog entered the medical devices market in 2006 and bought Ethox in January 2009 for $15.2 million in a deal intended to broaden Moog’s product base for disposable medical products. Ethox has 88 full-time employees in Buffalo.
Moog, which is based outside Buffalo in East Aurora, N.Y., has expertise in the design and manufacture of precision control components and systems. The company’s systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, wind energy, marine and medical equipment.
Terms of the deal were not disclosed, but Ethox was sold to Dempsey Ventures, a Grand Rapids, Mich.-based private equity firm that focuses on healthcare products. Moog said the sale would generate an after-sale, non-cash loss of about $5 million, or 11 cents per share, that will be reflected in its fiscal third-quarter results, which were due to be released in late July.
In addition, Moog has hired RBC Capital Markets LLC to help with a strategic assessment of the remainder of its medical devices segment, “including the possibility of divesting the entire segment.”
Moog entered the medical devices market in 2006 and bought Ethox in January 2009 for $15.2 million in a deal intended to broaden Moog’s product base for disposable medical products. Ethox has 88 full-time employees in Buffalo.
Moog, which is based outside Buffalo in East Aurora, N.Y., has expertise in the design and manufacture of precision control components and systems. The company’s systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, wind energy, marine and medical equipment.