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HEI Acquires Medical Equipment Maker
Jan 29, 2003
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HEI, Inc. (Prairie, MN, U.S.) has acquired the Colorado Operations of Colorado MEDtech, Inc., adding a medical equipment, design, and manufacturing division to its existing microelectronics design and manufacturing capabilities. The new division based in Boulder, CO, U.S., specializes in medical technology outsourcing services, including device and software development, medical device connectivity, and manufacturing system components for medical imaging.

In consideration for 1 million shares of HEI common stock, it acquired approximately U.S. $7 million in assets at book value and excluding certain adjustments, will recognize a gain in excess of $1 million in the current quarter. The assets include: intellectual property, equipment, inventory and the facilities of Colorado MEDtech's advanced medical technology development and manufacturing business. HEI estimates this business will add revenue of between $20-$25 million for calendar year 2003. In connection with the purchase HEI will add key research and development staff as well as professionals in process engineering, marketing, product management and assembly.

HEI anticipates the combination of the Colorado operations with its Microelectronics and High Density Interconnect divisions to have a positive impact on its overall financial results. The transaction roughly doubles the size of the company with:

  • Combined revenue of over $50 million for calendar year 2003.
  • Expected accretive to earnings to the current quarter and forward.
  • HEI will have approximately 250 employees in 3 locations within the U.S.
  • Expected gain in the current quarter in excess of $1 million from this transaction.

    "We view this acquisition as an important milestone in the execution of our strategic plan to add discerning technology to our business. With this move we are better positioned to leverage our capabilities and facilities in a new market for both the design and manufacturing of complex components and subsystems in the medical equipment market. The customers and business of this new division balances nicely with our hearing, medical implantable, industrial and telecom customers," said Anthony Fant, CEO of HEI.

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