Nitinol is used for a variety of medtech applications. [Photo via Adobe Stock]
Resonetics has closed on its $900 million acquisition of the SAES Getters medical nitinol business.
Nashua, New Hampshire-based Resonetics said it will rebrand Memry Corporation and SAES Smart Materials as Resonetics.
The Smart Materials business creates raw nitinol alloy from nickel and titanium and produces nitinol wires, bars, ribbons and sheets. The Memry business offers electric discharge machining, laser processing, centerless grinding, and nitinol tubing, sheet, and wire fabrication.
Those two companies have around 600 employees at facilities in Bethel, Connecticut, New Hartford, New York, and Menlo Park, California.
Nitinol has superelastic and shape memory properties that make it uniquely useful for a variety of medical applications. Medical device developers are finding new and improved ways to use nitinol for implants, orthopedics, and minimally invasive procedures, including catheter procedures and surgical robotics.
“Memry and SAES Smart Materials have built a legacy as critical suppliers of nitinol mill products, semi-finished materials, and complex components and implants to the medical device industry,” Resonetics CEO and President Kevin Kelly said in a news release. “Nitinol is a key growth driver for Resonetics, and we’re excited to expand upon our existing nitinol processing capabilities with these acquisitions so that we can provide a more complete and cost-effective nitinol solution. We believe that further investment in both businesses will allow us to expand our capacity and capabilities so that we can better serve the needs of our customers and build upon their strong market potential.”
Resonetics already had nitinol centers of excellence in San Diego and Or Akiva, Israel, focused on laser cutting, laser welding, braiding, shape setting, and electropolishing. Resonetics also has operations in Blaine, Minnesota, and Alajuela, Costa Rica, for centerless grinding of nitinol wire.
“Resonetics establishes technology expertise in key areas and supports customers with quick turn prototyping and process development through our network of Lightspeed Labs,” Resonetics Chief Technology Officer Kevin Hartke said in the release. “The addition of Memry and SAES Smart Materials adds important nitinol material knowledge and proficiency in melt-to-component manufacturing. We will implement our Lightspeed Lab franchise model and establish a new lab at the Bethel, Connecticut facility with dedicated engineers and equipment to help customers reduce time to market with faster prototyping and direct collaboration with our engineers.”
The Federal Trade Commission investigated the deal for its effect on industry competitiveness and does not appear to have imposed any conditions on the Resonetics or Milan, Italy-based SAES.
SAES today released financial details of the deal and its plan for spending the proceeds, including paying out shareholders and investing for growth.