Heraeus Holding Acquires Norwood Medical
Hanau, Germany-based Heraeus Holding GmbH has announced its acquisition of Dayton, Ohio-based Norwood Medical.
Heraeus is an, Fortune Global 500 company whose businesses span the environmental, electronics, health, and industrial applications sectors.
Founded in 1927 as a tool and die manufacturing company, Norwood Medical has since evolved to a medical component manufacturing and assembly company. Per the press release, it serves the medical device industry “with a full range of specialized, precision manufacturing and secondary processing and assembly.”
Norwood Medical focuses on markets for minimally-invasive surgery, orthopedics, and robotic-assisted surgery products. Its three areas of focus will be new additions to Heraeus which does not currently operate in those markets. Presently, Heraeus does develop and manufacture PALACOS®, a bone cement used for orthopedic joint replacement surgeries.
Norwood Medical has more than 1,100 employees and has continued to grow its Dayton, Ohio campus. In 2008, its campus had three buildings for research and development, engineering, and production. Last month, it opened its tenth building. Its 650,000 square-foot facilities will compliment Heraeus’s current medical technology portfolio.
OTW spoke with Heraeus Group CEO Jan Rinnert about the company's initial interest in Norwood Medical. Rinnert told OTW, “Norwood Medical fits perfectly with the medical-related businesses of Heraeus. When specifically looking at our medical components business and Norwood’s, our product lines do not overlap. They are complementary.”
Rinnert continued, “When we began discussions, it was evident that Norwood checked all the boxes: an experienced team, an outstanding innovation culture and a track record of manufacturing excellence. We are very confident we can accelerate their growth and penetrate new markets.”
Per the press release, Norwood Medical “will continue to operate as a standalone business and retain its company name and management team.” The terms of the deal were not disclosed.