NN Inc. (NSDQ:NNBR) said today that it closed its $375 million acquisition of orthopedic contract manufacturer Paragon Medical.
NN last month agreed to put up $375 million for Pierceton, Ind.-based Paragon, which makes orthopedic case and tray kits, implants and instruments. The company posted sales growth of 11.9% to $141 million last year, NN said when it announced the deal. Paragon also has facilities in Indianapolis, Smithfield, Utah, Siechnice, Poland, Lausanne, Switzerland and Changzhou, China.
NN, which is based in Johnson City, Tenn., has said it expects the deal to deliver $33 million in synergies over three years, with $16 million coming during the first year after closing, expected during the second quarter.
“We are thrilled to welcome the Paragon team to the NN family. Paragon Medical enhances our technical proficiencies, diversifies our product and finished device offerings and adds key employees who will make impactful contributions throughout the organization. This acquisition continues our strategic focus to expand our Life Sciences portfolio as well as create a balanced business,” president & CEO Richard Holder said in prepared remarks.
In February NN picked up medical device development firm Bridgemedica for an undisclosed amount.
