(Alliance News) - ConvaTec Group PLC on Wednesday said it has signed an agreement to acquire a Texas-based maker of catheter-related supplies for an undisclosed sum.
The medical FTSE 250-listed medical products provider said the acquisition of Southlake Medical Supplies Inc is expected to close on September 30.
Executive Chair Rick Anderson said: "The addition of Southlake to our Home Distribution Group will further strengthen our presence in an important US market. We look forward to bringing our distinctive service and personal support to even more customers, as the leading supplier of urinary catheters in the US."
Southlake recorded revenue of roughly USD5 million in 2018, ConvaTec said.
ConvaTec acquired J&R Medical LLC, another US-based catheter supplier, in March 2018.
Catheters are thin medical devices that can be inserted into a patient's body in order to perform surgery or treat ailments.
Shares in ConvaTec were 0.3% lower at 174.30 pence each in London on Wednesday morning.
ConvaTec (CTEC)
