CareFusion, a medical device company, has signed an agreement to sell its OnSite Services surgical instrument management and repair business to Frazier Healthcare.
OnSite Services includes national repair centers in Highland, and Sterling Heights of Michigan.
Under the sale agreement, OnSite Services will remain the preferred repair organization for V Mueller and Snowden-Pencer specialty surgical instruments.
The new OnSite Services business will be headed by the former general manager Dennis Streppa, as president and CEO.
Frazier Healthcare operating partner and former Ascent CEO John Grotting will serve as chairman of the board.
CareFusion chairman and CEO David Schlotterbeck said the decision to sell OnSite Services is in line with their strategy to optimize their portfolio of businesses as they focus operations to profitably grow for the long term.
"While OnSite Services is an important instrument management and repair service partner to our V Mueller business, our core strategy within that business line is to deliver products that will satisfy needs in minimally invasive surgery," Schlotterbeck said.
The acquisition is expected to close by April 2011, subject to customary conditions and the financial terms of the agreement were not disclosed.