LISI Group (Euronext Paris ISIN code FR0000050353 – FII) announced that it has signed a Stock Purchase Agreement with a subsidiary of Alcoa Inc. (NYSE:AA) to acquire its Remmele Medical Operations for USD 102 million (€90 million).
The transaction is expected to close in the second quarter of 2016, subject to regulatory approvals and other customary closing conditions.
Remmele Medical Operations, a unit of Alcoa Titanium & Engineered Products (ATEP) business unit, is a leading manufacturer of minimally invasive surgical components with strong positions in spine and other attractive healthcare end markets. With two manufacturing facilities totaling 100,000 square feet in Big Lake and Coon Rapids, MN, as well as a highly qualified staff of approximately 350, this acquisition will add complementary products and technologies and allow LISI MEDICAL to strengthen its position as a world-class contracting company specializing in medical device manufacturing. Remmele Medical Operations realized sales revenues of approximately USD 70 million in FY 2015. Once this acquisition is finalized, LISI MEDICAL will be among the leading contractors and manufacturers in the medical devices industry worldwide with more than USD 150 million in annualized sales revenues.
“With this acquisition LISI MEDICAL will be ideally positioned to serve customers worldwide, as well as to provide our growing customer base with our unique concept of Manufacturing Excellence for Life Technologies” said Mr. Olivier Le Bars, Chief Executive Officer of LISI MEDICAL.