Teijin Ltd. said Jan. 24 that it acquired a controlling interest in a small company making bioresorbable medical implants.
Teijin said it bought the unit, which has 60 employees, from Japanese plastics firm Takiron Co. Ltd. to help it develop a new business in implantable medical products like artificial joints.
Teijin said it would own 86 percent of the new company, called Teijin Medical Technologies Co. Ltd., and that the new venture will include Takiron's Osteotrans-MX bone bonding materials.
In April 2015, Tokyo-based Teijin formed a joint venture with Nakashima Holdings Co. Ltd., to expand in the market for implantable medical devices like artificial joints.
It said the new Teijin Medical Technologies unit will help leverage the Nakashima technology. It said it is trying to expand into new businesses that take advantage of its existing units, including in resin and plastic processing and pharmaceuticals.
Takiron, which is listed on the Tokyo Stock Exchange, has nearly 1,900 employees and makes a variety of plastic products for the home building, flooring, plastic sheeting and medical markets.
Teijin said the other 14 percent of the new company would be owned by Takiron. The deal is expected to close in July.