Switzerland’s SFS (Heerbrugg; www.sfs.ch) has agreed to acquire US-based Tegra Medical (Franklin, Massachusetts; www.tegramedical.com), boosting its presence in the rapidly growing medical device market. Tegra Medical develops and manufactures primarily disposable metal and plastic products for global, leading medical device OEMs. These products, which include surgical fasteners, stylets and cannulas, implants and instruments, are used in orthopaedics, interventional therapies and minimally invasive surgery.

The company, which employs around 700 people, has manufacturing facilities in Franklin and Dartmouth, Massachusetts, and Hernando, Missouri / USA and in La Aurora, Costa Rica, and generated sales of approximately USD 80m (EUR 75m) in 2015.

SFS will integrate Tegra Medical into its Engineered Components business as an independent division, with current executives retaining their management positions. Upon completion of the transaction, Tegra Medical’s CEO, Mark King, will join SFS’ group executive board and lead the new Medical division. According to SFS, the global medical device market is expanding at a fast rate, fueled by demographic developments, high demand for healthcare services, improved access to healthcare systems and by the industry’s own high rate of innovation (for an overview, see Plasteurope.com of 20.04.2016).

The transaction is expected to close no later than the end of 2016, subject to the usual closing conditions. Financial details were not disclosed.