Essel Propack acquires Catheter and Disposables TechnologEssel Technology

30-Apr-08

Essel Propack Limited (EPL) has announced an acquisition of Minneapolis based company “Catheter & Disposables Technology” (CDT), a supplier of specialized disposable Medical Devices. EPL has acquired 100% equity of CDT in an all cash deal through its US Subsidiary - Tacpro Inc. CDT is a total solution provider from the concept to finished packaged sterile products. CDT is a strong brand name that has been associated for over 20 years with the provision of high quality medical device manufacturing services and reliable, on-time delivery of manufactured products. CDT’s Design Engineering and Development Capabilities provide a significant differentiator in the market. CDT’s facility is ISO 13485 certified and includes a Class 7 (10,000) Clean Room. Commenting on the same, Mr. R. Chandrasekhar, President of Essel Propack said, “The acquisition of CDT is in line with our stated strategic plan for the Medical Device Business. CDT will certainly expand our current foot print into a new geography and broaden our existing product lines”. The buyout of CDT will help EPL’s Medical Devices Business to establish and expand operations in the State of Minnesota, the second largest Medical Device manufacturing region in USA. “The acquisition of CDT is the first of the few steps for us to broaden our Medical Device Business”, said Mr. Ashok Goel, Vice Chairman and Managing Director. The acquisition will be funded entirely from the internal accruals of the Medical Device Business. The acquisition is expected to be effective from 1st April 2008. EP is a specialized packaging company promoted by Essel Group and has its head quarters in Mumbai. EPL has 3 lines of business: - Plastic and Laminated tubes - Medical device and - Speciality Packaging EPL is the world’s largest manufacturer of laminated tubes and has stateof- art facilities in 14 countries. EPL’s medical device business is located in California, USA and Singapore. The business primarily focuses in offering end to end solutions for Catheter based products. EP stock is listed in Bombay Stock Exchange and National Stock Exchange, Mumbai.