Arrhythmia Research Technology Inc. is using its subsidiary, Micron Products Inc., to purchase most of the assets of Leominster Tool Co. Inc. and form a new division. Terms of the deal were not released.
Fitchburg-based ART Inc. announced Jan. 3 that it had completed the purchase Dec. 27, and that the company will retain its managers and employees.
Micron Products produces silver/silver chloride and conductive resin sensors used in disposable electrocardiogram and electroencephalogram monitoring and diagnostic electrodes.
Leominster Tool formed in 1923 and has been owned by the family of Francis Bergeron since 1970. His sons, David and Michael Bergeron, have owned and operated the company since 1995.
Micron's new Leominster Tool Division will continue to occupy its present site. It employs 12, including the two former owners. David Bergeron is general manager.
``Leominster Tool is an excellent fit for Micron operationally, financially and strategically. The addition of the new Leominster Tool division vertically integrates mold design and manufacturing with Micron's proprietary sensor product line, with the custom injection molding of our New England Molders division and the product life-cycle management or our Micron Integrated Technologies division,'' said James Rouse, president and chief executive officer of ART Inc., in a news release.
He also said Leominster Tool will continue to function independently as a mold designer and manufacturer for the injection molding industry.
Leominster Tool and Micron have worked together on projects since 2003, according to David Garrison, chief financial officer at ART.
Garrison also said Micron is expanding its complex in Fitchburg, purchasing an adjacent building and preparing to close a deal on a second building. When completed, Micron will have about 150,000 square feet of space in its four-building complex.
He said the company is growing, having manufactured more than 1.5 billion sensors last year.
ART formed in 1981. It has a proprietary software to detect heart arrhythmia. It is traded on the American Stock Exchange.