UFP Technologies Acquires Contech Medical For Undisclosed Sum - UFP Techs (NASDAQ:UFPT)

UFP Technologies Inc UFPT has acquired Contech Medical Inc for an undisclosed sum. Contech Medical designs, develops and manufactures class III medical device packaging primarily for catheters and guidewires.
Providence, Rhode Island-based Contech Medical's annual sales stands at $18 million.
UFP expects the acquisition to enhance its manufacturing capabilities and be instantly accretive to earnings.
"Today, around 70% of Contech's customers are our customers too. Because we provide complementary – not competing – products and services, we will be able to address customer needs in a more comprehensive way," said Jeffrey Bailly, chairman, CEO, and president of UFP.
UFP held $30.27 million in cash and equivalents as of June 30, 2021.
Price Action: UFPT shares are trading lower by 0.41% at $63.78 on the last check Wednesday.