TE Connectivity Acquires Creganna Medical Group For $895 Million

Shares of TE Connectivity Ltd TEL were trading lower by nearly 4 percent on Tuesday following the company's announcement that it has agreed to acquire Creganna Medical group for $895 million. Creganna Medial is a designer and manufacturer of minimally invasive delivery and access devices. The company reported sales of approximately $250 million in 2015. TE Connectivity noted that the acquisition strengthens its global leadership position, establishes itself as a leading provider of minimally invasive integrated solutions and also complements its already existing product portfolio by offering customers an unmatched set of integrated solutions. "The acquisition of Creganna Medical is part of our well-established strategy to expand our leadership position in harsh environment applications," said TE Connectivity Chairman and CEO Tom Lynch. "This transaction builds on our AdvancedCath acquisition and establishes TE as a leading supplier to the high-growth minimally invasive interventional segment. Our existing medical product offering, coupled with these acquisitions, positions TE with the broadest range of products and technologies serving this high-growth space.