Tuesday, 28 July 2009
U.S. parent company sees growth, jobs in Galway's guidewire medical device maker
New Ross, Co Wexford, Ireland - July 27, 2009 - Lake Region Medical, Ltd., a subsidiary of the closely-held Lake Region Medical in Chaska, Minnesota (USA), today announced that it has acquired Brivant Medical, based in Galway, Ireland. The acquisition was effective July 23, 2009. Terms were not disclosed. Both the American and Irish companies are global OEM leaders for medical device guidewires and related products for minimally-invasive cardiac surgery and other procedures.
Lake Region Medical has been doing business in New Ross, Ireland, as Lake Region Medical Ltd., since 1994, while the U.S. parent company with more than 1,500 employees globally, has more than 50 years experience in the medical device arena. It was recently named one of the Top 10 medical device companies based in the Twin Cities by the Minneapolis- St. Paul Business Journal (July 3, 2009).
Brivant Medical and Lake Region Medical Ltd., currently employ approximately 800 people at the two locations in Ireland. Spokespersons for both Brivant Medical and Lake Region Medical said the new acquisition will preserve - and ultimately expand - jobs at the company sites in Galway, New Ross, and Chaska, Minnesota, a suburb of the Twin Cities (and a northern metropolitan area that is a hotbed of medical device manufacturing and innovation in the states).
Complementary alignment will enhance global initiatives and expedite time to market.
The newly aligned companies complement each other and will allow Lake Region Medical a greater global competitive edge in the medical device and equipment market valued at US$246B by 2011. Brivant Medical's expertise, technology, research and development, operations, and product portfolio readily strengthen Lake Region Medical's presence in the interventional guidewire marketplace. The acquisition will enhance the company's global expansion initiatives and expedite time to market for both Lake Region Medical and Brivant Medical products.
'Lake Region Medical will build upon Brivant Medical's R&D, technological innovations and streamlined processes to deliver a wide range of OEM steerable guidewires for use in interventional cardiology and peripheral applications,' said Joseph F. Fleischhacker, Lake Region Medical CEO. 'Its reputation for exemplary customer service and Brivant Medical's high-quality solutions, hard working employees, and geographic base will extend Lake Region Medical's ability to deliver current - and new - industry-leading products and services to the medical device industry.'
'Lake Region Medical's industry leadership position in guidewire technology, along with its longevity in the business and highly productive culture, makes it the ideal company to purchase Brivant Medical,' said Henry Lupton, Brivant Medical CEO. 'Lake Region Medical's global reach, scale and widely recognized OEM brand provide the solid foundation to advance Brivant Medical's innovative technology.'
'Based on performance, Brivant Medical has a very stable and capable management team,' said Ron Von Wald, Global Marketing Director. 'Lake Region Medical not only purchased Brivant Medical for its assets, but also for its outstanding personnel at all levels of the organization.' Von Wald said the only Brivant Medical management change is that the team will now report directly to John Harris, who has been promoted to the position of Vice President of Outside of US Operations.
About Lake Region Medical www.lakeregionmedical.com
Lake Region Medical, based in Chaska Minnesota, USA, was founded in 1947 and is a global leader in OEM devices, supplying the world's largest medical device companies. Lake Region Medical specializes in minimally invasive devices for cardiovascular, endovascular and neurovascular applications and serves all major markets worldwide.
Its subsidiary, Lake Region Medical Ltd., has operated in Ireland since 1994. Its facility in New Ross, County Wexford is considered to be one of the largest guidewire manufacturing operations in the world, shipping products to locations worldwide. With the Brivant Medical acquisition, Lake Region Medical employs more than 800 people in Ireland.
About Brivant Medical www.brivant.com
Brivant Medical, based in Galway, Ireland, is a market leader in the design, development and manufacture of interventional OEM guidewires and medical devices for use in Interventional Cardiology and Peripheral applications. It also provides contract manufacturing and design services.
Brivant Medical offers CE approved and 510(k) registered OEM interventional guidewires providing solutions from design through validation, manufacturing and delivering sterile, labelled devices to the customer, ready for clinical use. Brivant Medical was established in November 2000 with the purpose of designing and manufacturing OEM guidewires and medical devices for the international market place. The company was founded by experienced industry managers who have a broad range of engineering, clinical and operations expertise.
For more information - or to interview a Lake Region Medical Spokesperson - see contacts above.