Essel Propack acquires stake in MED Inc

Mumbai, Sep 5: Essel Propack Limited (EPL) on Friday, Sep 5 announced an acquisition of 74 pc stake of Minneapolis-based company Medical Engineering&Design, Inc (MED Inc), a supplier of specialised disposable Medical Devices in an all cash deal. The acquisition was through its US Subsidiary -- Tacpro Inc. The rest will continue to be held by the existing Promoter employees.

MED Inc has a diversified customer base with the provision of high quality medical device manufacturing services and reliable, on-time delivery of manufactured products. The Company is vertically integrated with its own in site Extrusion, Wire Braiding, Reflowing and Assembly, resulting in significant cost competitiveness and time savings to its customer, an Essel release here said.

The acquisition will be funded partly by loan and partly by the internal accruals of the Medical Device Business.

EPL is a specialized packaging company promoted by Essel Group and has its head quarters in the city. Its line of business included plastic and laminated tubes, medical device and speciality packaging.

EPL is the world's largest manufacturer of laminated tubes and has state-of-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, here.

UNI