Wickliffe-based Lubrizol Corp. has acquired Bavaria Medizin Technologie GmbH in Germany.
Bavaria Medizin Technologie makes intravascular and nonvascular devices like drug-coated balloons, according to a news release. The company offers original equipment manufacturing services and private label manufacturing of proprietary catheters and balloons. It's headquartered near Munich, Germany, and also has a manufacturing site in Sibiu, Romania. It has more than 100 employees.
Lubrizol has about 8,700 employees across the globe and had $6.8 billion in revenues in 2018.
The acquisition was made by Lubrizol's German subsidiary Lubrizol Deutschland GmbH. It purchased Bavaria Medizin Technologie from majority shareholder Custos Vermögensverwaltungs GmbH and minority shareholders, the release stated. Terms of the acquisition are not being disclosed.
"Lubrizol continues to invest in opportunities that position us as a full-service development partner for innovative OEMs in the interventional space," said Uwe Winzen, general manager of the health business of Lubrizol Life Science, in the release. "Our customers will benefit from additional design capabilities, an increased global footprint, and synergies with our existing formulation and manufacturing services."