Biomerics LLC, a leading contract manufacturer and innovative polymer solutions provider for the medical device industry, announced today the divestment of its holdings in HTP-Biomerics Medical LLC to its partner HTP-Meds LLC. In a follow-on transaction, HTP-Meds LLC has been sold to Hitachi Metals, a division of Hitachi Corporation with global annual sales of $95 billion USD. The terms of the transaction were not disclosed.
HTP-Biomerics Medical LLC, located in Ashaway, RI was a 50/50 joint venture between HTP-Meds LLC and Biomerics LLC of Salt Lake City, UT. Established in 2011, HTP-Biomerics Medical has become a leading supplier of custom extrusions and braided tubing including high-pressure braided medical tubing, to the medical device industry.
“The HTP-Biomerics Medical LLC joint venture has been an excellent business unit for both Biomerics LLC and HTP-Meds LLC,” remarked Travis Sessions, CEO of Biomerics. “Over the years, we have seen tremendous growth and strong partnerships come out of the joint venture. The timing was right to divest this business unit and take the next step in our growth strategy.”
With this divestment, Biomerics retains its state-of-the-art facilities in Salt Lake City, UT and Rogers, MN. Biomerics is a full service medical device contract manufacturer that specializes in materials, molding, extrusion, advanced catheters, and assembly of medical devices. Biomerics provides complete development and manufacturing solutions for the cardiovascular, structural heart, cardiac rhythm management, electrophysiology, neurovascular, vascular access, and pain management markets.
“We will be investing the proceeds from the sale right back into our business in an effort to expand our capabilities and offerings for our customers,” added Mr. Sessions. “We remain focused on our vertical integration strategy that enables us to provide customers with next generation solutions quickly and cost effectively. We are excited about the sale and the many opportunities that it will bring to the business.”
Biomerics LLC specializes in the design, development, and production of finished medical devices used in diagnostic and interventional procedures. Biomerics provides complete development and manufacturing solutions for customers in the cardiovascular, structural heart, cardiac rhythm management, electrophysiology, neurovascular, vascular access, and pain management markets. Headquartered in Salt Lake City, Biomerics has operations across three ISO-13485 compliant facilities.