ConvaTec Group PLC said Friday it acquired US-based catheter supplies distributor J&R Medical LLC for an undisclosed sum.
ConvaTec – a FTSE 250-listed medical technology firm – said J&R will join its Home Distribution unit. In 2017, J&R generated USD9.0 million in revenue. Over the same period, ConvaTec generated USD164.0 million pretax profit on revenue of USD1.76 billion.
ConvaTec also announced it had sold its respiratory delivery business in US states Arizona and Utah. Financial details of these divestments were also not disclosed.
The combination of both the acquisition and sales will be positive to revenue and earnings before interest, taxes, depreciation and amortisation, Convatec explained.
“The addition of J&R Medical to our Home Distribution Group will strengthen our presence in a substantial and important US market,” ConvaTec Chief Executive Officer Paul Moraviec said. “The acquisition also reinforces ConvaTec’s position as a leading distributor of urinary catheters in the US.”
Shares in ConvaTec were 0.3% lower at 205.10 pence in early trading Friday.
By Ahren Lester
Source: Alliance News via Interactive Investor
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