ANAHEIM, CALIF. — A Connecticut-based group of investors has bought injection molder Wholegrath Medical Technologies Inc. in a bid to create a vertically integrated syringe manufacturer.
Core Hypodermic Technologies LLC in August bought Farmington, Conn.-based Wholegrath and two other undisclosed firms that make stainless-steel tubing and wiring. Core hopes to complete talks in 30 days, aimed at acquiring a plastic molder that makes needle guidewires, said Core President Charles Phillips. Core also is based in Farmington.
Terms were not disclosed. The company announced the purchases at the Medical Design & Manufacturing West '98 show in Anaheim.
The new company would be one of the few vertically integrated manufacturers of specialty syringes, competing against giants such as Becton Dickinson and Co., Phillips said. Most of the companies that make such needles do final assembly, and manufacture only part of the products in-house, he said.
Core was created in August when the three firms were purchased. The investors have raised more than $10 million to finance the purchases.
Wholegrath had about $10 million in sales last year with nine injection molding machines and three insert molding machines, Phillips said.
Core sells the syringes to larger medical-device manufacturers and also has Food and Drug Administration approval to sell spinal and epidural syringes on its own, he said.