CardioTech sells catheter business to Essel Propack
1 April 2008
CardioTech International, Inc. (AMEX: CTE), a developer and
manufacturer cardiovascular products, has sold its subsidiary Catheter
and Disposables Technology, Inc. to Tacpro, Inc. for about US$1.2m.
Tacpro, Inc., a subsidiary of Mumbai-based Essel Propack, specialises
in catheters and delivery systems. Mr R Chandrasekhar, President of
Essel Propack said, “The acquisition of CDT is in line with our stated
strategic plan for the Medical Device Business. CDT will certainly
expand our current foot print into a new geography and broaden our
existing product lines”.
Nitin Matani, President and CEO of Tacpro said, "CDT represents an
opportunity for Tacpro, Inc. to expand its presence in the Midwest
region. The acquisition of CDT is the first step in achieving our
strategic growth objective. We are excited at being able to extend
additional resources, experience, and knowledge to our current and
future customers."
Michael Adams, President and CEO of CardioTech, said, "The sale of CDT
provides Tacpro, Inc. an excellent opportunity to expand its operations
into the Minnesota medical device region. CardioTech's direction is
targeted to being a world class technology business focused on
customer-driven solutions in the medical device industry.
"The sale will permit the ongoing redeployment of capital into our
growth initiatives focused on licensing and selling specialized
materials to medical device manufacturers. The sale of CDT is an
important milestone which allows CardioTech to direct management
expertise and resources into executing the Company's strategic growth
plan."