UFP Technologies, Inc. Acquires Contech Medical, Inc.
October 13 2021 - 9:00AM
UFP Technologies, Inc. (Nasdaq: UFPT), an innovative designer and
custom manufacturer of components, subassemblies, products, and
packaging primarily for the medical market, today announced the
acquisition of Contech Medical, Inc. Founded in 1987 and
headquartered in Providence, Rhode Island, with partner
manufacturing in Costa Rica, Contech Medical is a global leader in
the design, development, and manufacture of class III medical
device packaging primarily for catheters and guidewires. Annual
sales are approximately $18 million.
“We are very pleased to add a new and
differentiated medical technology to our growing portfolio,” said
R. Jeffrey Bailly, chairman, CEO, and president of UFP
Technologies. “Contech is an excellent strategic and cultural fit
that will continue to make us more valuable to our growing medical
customer base. 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.”
“In addition to its strong medical customer
relationships and profitable book of business, Contech brings a
seasoned management team with deep industry expertise,” Bailly
said. “We are committed to continue expanding our medical business
due to its excellent growth potential and high barriers to entry.
We expect this acquisition to enhance our manufacturing
capabilities and be instantly accretive to earnings.”Chris Byrnes,
Contech’s president, is equally enthusiastic. “UFP is the ideal
partner to accelerate our growth strategy,” said Byrnes. “Prior to
the transaction, we had been collaborating closely on some exciting
new programs. I quickly recognized that we were a great cultural
match with very similar approaches to innovation and creating
sustained value for our customers. I am confident that we will be
even more valuable to our customers as part of UFP’s MedTech
platform, offering complementary technologies along with our proven
solutions.”
About UFP Technologies,
Inc.
UFP Technologies is an innovative designer and
custom manufacturer of components, subassemblies, products, and
packaging primarily for the medical market. Utilizing highly
specialized foams, films, and plastics, we convert raw materials
through laminating, molding, radio frequency welding, and
fabricating techniques. We are diversified by also providing highly
engineered solutions to customers in the aerospace
& defense, automotive, consumer, electronics, and
industrial markets.
Forward Looking Statements
This press release contains statements relating
to expected financial performance and/or future business prospects,
events and plans that are forward-looking statements. Such
statements include, but are not limited to: the anticipated effects
on us of acquiring Contech Medical, Inc.; anticipated trends in the
different markets in which we compete and expectations regarding
customer demand; expectations regarding our business opportunities;
and statements about our growth potential and strategies for
growth. Investors are cautioned that such forward-looking
statements involve risks and uncertainties that could adversely
affect our business and prospects, and otherwise cause actual
results to differ materially from those anticipated by such
forward-looking statements, as well as other risks and
uncertainties that are detailed in the documents we file with the
SEC. Accordingly, actual results may differ materially. Readers are
referred to the documents we file with the SEC, specifically the
last report on Form 10-K. The forward-looking statements contained
herein speak only of our expectations as of the date of this press
release. We expressly disclaim any obligation or undertaking to
release publicly any updates or revisions to any such statement to
reflect any change in our expectations or any change in events,
conditions, or circumstances on which any such statement is
based.
Contact: Ron Lataille978-234-0926,
rlataille@ufpt.com
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