Greatbatch, Inc. Completes Acquisition of Lake Region Medical
October 27 2015 - 7:06PM
Combined Company to be Renamed Integer Holdings Corporation
$1.73 Billion Deal Creates One of the World's Largest Medical
Device Outsource (MDO) Manufacturers
Greatbatch, Inc. (NYSE:GB) today announced it has completed the
acquisition of Lake Region Medical. With combined revenues of
approximately $1.5 billion and more than 9,000 Associates globally,
Greatbatch becomes one of the largest medical device outsource
(MDO) manufacturers in the world serving the cardiac,
neuromodulation, orthopaedics, vascular, advanced surgical and
portable medical markets.
Greatbatch is now able to offer a substantially more
comprehensive portfolio for customers through the Greatbatch
Medical, Lake Region Medical and Electrochem brands. The
company is at the forefront of innovating technologies and products
that help change the face of healthcare, providing customers with a
distinct advantage as they bring complete systems and solutions to
market. In turn, customers will be able to accelerate patient
access to life enhancing therapies.
"Through this transformative deal, Greatbatch has added scale
and diversification to enhance customer access and experience,"
said Thomas J. Hook, president and chief executive officer,
Greatbatch. "We will continue to execute our strategy to
provide customers with a comprehensive portfolio of technologies
and services while maintaining a strong financial profile to drive
shareholder return."
In connection with the Lake Region Medical acquisition,
Greatbatch secured a $1.96 billion financing package led by M&T
Bank Corporation, Credit Suisse, and KeyBanc Capital Markets.
The financing comprises $1.6 billion of senior secured credit
facilities, and $360 million of 9.125% senior notes due 2023.
Greatbatch also announced its intention to rename the combined
entity Integer Holdings Corporation. Integer is defined as
complete, whole, and comprehensive, and represents the joining of
Greatbatch and Lake Region Medical as well as the combined
company's product and service offerings provided to
customers. The new name is subject to Greatbatch shareholder
approval at the May 2016 annual meeting.
"Combining talents from both organizations will allow us to
benefit from the best possible knowledge and insights to ensure we
successfully integrate both companies. We're committed to doing it
right, with purposeful execution to maintain a rapid pace for the
benefit of our customers, investors and Associates," concluded
Hook.
About Greatbatch, Inc.
Greatbatch, Inc. (NYSE:GB) is one of the largest medical device
outsource (MDO) manufacturers in the world serving the cardiac,
neuromodulation, orthopaedics, vascular, advanced surgical and
portable medical markets. The company provides innovative,
high quality medical technologies that enhance the lives of
patients worldwide. In addition, it develops batteries for high-end
niche applications in energy, military, and environmental markets.
The company's brands include Greatbatch Medical, Lake Region
Medical and Electrochem. Additional information is available at
www.greatbatch.com.
CONTACT: Investor Relations Contact:
Elizabeth Cowell
ecowell@greatbatch.com
tel 214-618-4982
Media Contact:
Christopher Knospe
cknospe@greatbatch.com
tel 716-759-5727
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