UK-based Fenner has sold its US subsidiary Xeridiem Medical Devices to PPC Industries.
Based in Tucson of Arizonam, Xeridiem manufactures minimally-invasive catheters and other single-use medical devices.
Xeridiem also provides design, engineering, and manufacturing outsourcing services to global medical device companies.
The services will be offered for minimally-invasive catheters and related medical devices.
It offers services to multiple market segments, including cardiovascular, respiratory, diabetes care, nephrology and urology.
Fenner has divested Xeridiem for about $10.5m, which will be used to reduce its net indebtedness.
As of August 2015, Xeridiem had gross assets of about $3.2m.
Fenner chief executive Mark Abrahams said:"Fenner has recently invested significantly in its medical businesses, most particularly through the acquisition of Charter Medical in January 2015 and the construction of state of the art, purpose-built facilities for Secant Medical, which have now entered the testing and certification phases.
“Together, these businesses provide a platform for exploiting our knowhow in new and growing fields to support our customers' ambitious growth plans.”
Earlier this year, PPC Industries subsidiary Kelpac Medical acquired VitalMED, which produces precision injected molded components for medical applications.
Established in 1999, the company also provides design and development and contract assembly services.
Based in Pleasant Prairie of Wisconsin, Kelpac Medical provides packaging and tubing solutions for the medical device industry.
Image: PPC Industries has acquired Xeridiem Medical Devices from Fenner. Photo: courtesy of stockimages / FreeDigitalPhotos.net.