Integer Holdings Sells Non-Medical Division for $50 Million
Integer Holdings Corporation Announces Major Business Sale
Integer Holdings Corporation (NYSE: ITGR), a prominent player in the medical device contract development and manufacturing sector, recently revealed an important development. The company successfully closed the sale of its Electrochem business to Ultralife Corporation, generating $50 million in cash.
Strategic Financial Move
The proceeds from this divestiture will be used to decrease outstanding debt, indicating Integer's commitment to maintaining a strong financial foundation. This strategic decision positions the company to focus on its core strengths within the medical technology landscape.
Leadership Perspective
Joseph Dziedzic, President and CEO of Integer, expressed appreciation for the Electrochem team's contributions throughout the years, acknowledging their hard work and dedication. He emphasized the significance of this transition for Integer's future, stating, "With the divestiture of Electrochem, Integer is now a pure-play medical technology company with additional capital to deploy in high-growth medtech markets."
Focus on Medical Technology
This divestiture allows Integer to enhance its focus on the medical technology sector, particularly as a partner to numerous medical device companies. By concentrating on its core business, Integer aims to expand its influence in high-growth markets where demand for innovative medical solutions is steadily increasing.
About Integer Holdings Corporation
Integer Holdings Corporation is among the largest medical device contract development and manufacturing organizations in the global market, specializing in areas such as cardiac rhythm management and neuromodulation. Its commitment to improving patient outcomes drives the company to offer innovative, quality products and solutions. Notable brands, including Greatbatch Medical and Lake Region Medical, highlight Integer's extensive reach within the medical industry.
Company Brands and Innovations
Integer's dedication to innovation reflects its strategic partnerships with leading medical device companies and OEMs. By providing state-of-the-art products, Integer plays a crucial role in advancing healthcare technologies that improve lives.
Contact Information
For further information, Integer Holdings Corporation offers direct contacts for both investor relations and media inquiries. Investors can reach out to Andrew Senn at andrew.senn@integer.net or at 763.951.8312. Media inquiries can be directed to Kelly Butler at kelly.butler@integer.net or at 469.731.6617.
Frequently Asked Questions
What does Integer Holdings Corporation do?
Integer Holdings Corporation is a leading contract development and manufacturing organization for medical devices, focusing on enhancing patient outcomes through innovative products.
Why did Integer Holdings sell its Electrochem business?
Integer sold its Electrochem business to focus on its core medical technology operations and use the proceeds to pay down debt.
Who will now own the Electrochem business?
The Electrochem business is now owned by Ultralife Corporation, which is expected to drive its future growth.
How will the divestiture benefit Integer Holdings?
The divestiture will streamline Integer's operations, allowing it to invest more significantly in high-growth medical technology markets.
What are the key brands associated with Integer?
Integer's notable brands include Greatbatch Medical and Lake Region Medical, highlighting its broad presence in the medical device sector.
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