Mitsubishi Chemical Corp.'s Performance Polymers business group is buying AdvanSource Biomaterials Corp.'s thermoplastic polyurethane elastomer business.
The deal values the TPU business at $7.5 million. AdvanSource Biomaterials is based in Wilmington, Mass. Its U.S. TPU business makes and sells products for medical devices. In 2018, sales were $3 million.
AdvanSource products are used in cardiovascular catheters and other devices used inside the for body.
Mitsubishi Chemical said the aging U.S. population means the market for these types of devices will grow.
This deal is part of Mitsubishi's a strategy of buying companies with medical certifications and sales routes into the lucrative U.S. medical market.
The deal is expected to close in January 2020.