Sorin Group (BIT:SRN) took over manufacturing for a unit of cardiac surgical cannulae, buying the business from supplier Bioengineering Laboratories S.p.A. for an undisclosed amount.
Sorin will get only the cardiac cannula business, leaving to BEL its urology, urodynamics and hemodialysis cannulae divisions, according to a press release. BEL had been producing the cardiac cannulae exclusively for Sorin.
The devices are "an integral part of Sorin Group cannulae offering and generated revenues of around €4 million in 2013," or about $5.4million, according to a company statement.
The move is Sorin’s latest attempt to solidify its global cannula footprint, following the 2011 acquisition of Estech’s minimally invasive cannulae and the 2012 $14 million acquisition of CalMed’s devices.
The news did little for Sorin’s Wall Street activity, with SRN shares down 1.3% to close at $2.14 at the end of the day yesterday.
