Warrendale-based MEDRAD, a global provider of medical imaging technology, has announced the purchase of a Minnesota medical company for $361 million.
Possis Medical Inc. is the world’s leading provider of mechanical thrombectomy devices, the AngioJet System, used to treat narrowed or blocked arteries and veins. The merger joins two compatible, leading makers of cardiovascular medical products and underscores MEDRAD’s commitment to the treatment of patients in the cardiovascular intervention field.
“Indirectly the more the company grows the better it is for MEDRAD and for the region,” says Luanne Radermacher, director of corporate affairs. “We view this opportunity as a growth opportunity. We’re expanding our business and that could be good for the local economy.”
Radermacher added that the company doesn’t expect to immediately add jobs or operations here. Possis will remain in Minneapolis.
Possis reported revenue of $67 million in fiscal 2007; MEDRAD posted earnings of $478 in fiscal 2006. MEDRAD’s 2007 earnings will be released the end of February.
MEDRAD ultimately sees the combination as an opportunity to establish an “expansive footprint in the cardiovascular field,” giving the company an opportunity to offer a broader, more comprehensive suite of products and level service to customers in the future.
Writer: Deb Smit
Source: Luanne Radermacher, MEDRAD