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ConvaTec buys Texas-based J&R Medical
FTSE 250 medical products and technologies company ConvaTec has announced the acquisition of Texas-based catheter-related supplies distributor J&R Medical for an undisclosed sum.
For the year ended 31 December 2017, J&R Medical delivered revenues of around $9m.
ConvaTec's chief executive officer Paul Moraviec said: "The addition of J&R Medical to our Home Distribution Group will strengthen our presence in a substantial and important US market. The acquisition also reinforces ConvaTec's position as a leading distributor of urinary catheters in the US."
ConvaTec also said it has divested its respiratory delivery business in Arizona and Utah. The net financial impact of these transactions is positive in both revenue and earnings before interest, tax, depreciation and amortisation.
At 0835 GMT, the shares were down 0.3% to 205.10p.