Memry Corporation announced today that it has signed a letter of intent to acquire substantially all of the assets and selected liabilities of Putnam Plastics Corporation of Dayville, CT. The transaction, which is subject to the signing of definitive agreements and customary closing conditions, is expected to close in 90 to 120 days. The terms of the transaction were not disclosed.
Putnam Plastics, a privately held corporation founded and led by James Dandeneau, is one of the nation's leading specialty polymer extrusion companies serving the medical device and other high technology industries. Its primary products are complex multi-lumen, multi-layer extrusions used for guidewires, catheter shafts, delivery systems and various other interventional medical procedures.
Founded by Jim Dandeneau in 1984, Putnam is a major supplier of co-extruded polyimide, multi-lumen, braided and extremely thin-wall, multi-layer tubing as well as sheathing for fiber-optic tubing. Putnam products are known for their complex configurations, multiple material construction and innovative designs. The company also is well known for its ability to manufacture to tight tolerances.
Memry Corporation CEO James Binch said, "We look forward to adding Putnam's outstanding expertise to Memry's steadily broadening portfolio of capabilities. We expect the combination with Putnam will significantly broaden our collective ability to provide unique, engineering-driven solutions for increasingly complex medical devices in the future. We are particularly delighted to be able to add Jim and his highly capable team to the Memry organization creating considerable market and application synergies for our two organizations."
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