Cadence Inc., a Virginia-based supplier of advanced products for medical, life science, automotive and industrial companies with a large facility in northwestern Wisconsin, said Tuesday it has acquired Utitec Inc., a manufacturer specializing in miniature, deep drawn medical device and commercial components.
Financial terms of the transaction were not disclosed in a press release from Staunton, Virginia-based Cadence.
The acquisition of Utitec, based in Watertown, Connecticut, is expected to better position Cadence "to lead the medical device contract manufacturing industry through investment, innovation, and faster growth to best meet our customers’ evolving needs,” said Rob Werge, Cadence’s president and CEO, in the press release.
Werge said Utitec, which also has a medical facility in Alajuela, Costa Rica, will expand Cadence's capabilities to include deep draw and additional cleanroom assembly capacity in Costa Rica to support new and transfer products for customers.
Deep draw capabilities provide a manufacturing solution at a lower cost than conventional machined parts due to reduced labor and high-volume throughput, supplying highly engineered miniature, and ultra-miniature metal components that align with Cadence’s current service offerings.
Cadence operates a 63,000-square-foot facility in the Sturgeon Bay Industrial Park at 1425 S. Neenah Ave. that opened in 2016. The new plant nearly tripled the footprint of the company's previous Sturgeon Bay facility and increased production capacity in precision and microstamping, multi-slide forming, injection and insert molding, and automated assembly.
Brown Gibbons Lang & Co. served as the exclusive financial adviser in the Utitec transaction.
