Benzinga | Oct 13, 2021 01:39PM EDT

UFP Technologies Acquires Contech Medical For Undisclosed Sum

* UFP Technologies Inc (NASDAQ:UFPT) has acquired Contech Medical Inc for an undisclosed sum. Contech Medical designs, develops and manufactures class III medical device packaging primarily for catheters and guidewires.

* Providence, Rhode Island-based Contech Medical's annual sales stands at $18 million.

* UFP expects the acquisition to enhance its manufacturing capabilities and be instantly accretive to earnings.

* "Today, around 70% of Contech's customers are our customers too. Because we provide complementary -- not competing -- products and services, we will be able to address customer needs in a more comprehensive way," said Jeffrey Bailly, chairman, CEO, and president of UFP.

* UFP held $30.27 million in cash and equivalents as of June 30, 2021.

* Price Action: UFPT shares are trading lower by 0.41% at $63.78 on the last check Wednesday.