Cadence, Inc., a leading contract manufacturer of medical and drug delivery devices and specialty commercial products, announced today that it has acquired Utitec, Inc., a manufacturer specializing in miniature, deep drawn medical device and commercial components. Utitec is headquartered in Watertown, Conn., with an additional medical facility located in Alajuela, Costa Rica.
“Acquiring Utitec better positions Cadence to lead the medical device contract manufacturing industry through investment, innovation, and faster growth to best meet our customers’ evolving needs,” stated Rob Werge, Cadence’s President and Chief Executive Officer. “We look forward to leveraging the company’s deep expertise in miniature, high-precision components for medical devices, while expanding our capabilities to include deep draw and additional cleanroom assembly capacity in Costa Rica to support new and transfer products for our 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 strongly align with Cadence’s current service offerings.
Brown Gibbons Lang & Company served as the exclusive financial advisor in the transaction of the sale.