Cadence acquires Conn. device components manufacturer
Staunton medical device manufacturer closed on Utitec
Staunton-based medical and drug delivery devices manufacturer Cadence Inc. has acquired Connecticut-based miniature medical device components manufacturer Utitec Inc., Cadence announced Tuesday.
Financial details of the transaction were not disclosed.
Utitec specializes in miniature, deep drawn medical device and commercial components. The company has a medical facility in Costa Rica.
“Acquiring Utitec better positions Cadence to lead the medical device contract manufacturing industry through investment, innovation and faster growth to best meet our customers’ evolving needs,” Cadence President and CEO Rob Werge said in a statement. “We look forward to leveraging the company’s deep expertise in miniature, high-precision components for medical devices, while expanding our capabilities to include deep draw and additional cleanroom assembly capacity in Costa Rica to support new and transfer products for our customers.”
Manufacturing deep draw components — those with depths equal to or greater than their diameters — costs less than creating conventional machined parts because of the process’ reduced labor and high volume, according to a news release.
Cadence is a full-service contract manufacturer, providing services from initial product design through complete manufacturing, that produces medical and drug delivery devices and specialty commercial products. The company has more than 700 employees, with additional locations in Connecticut, Pennsylvania, Rhode Island, Wisconsin and Costa Rica.