Continuously serving Kosciusko County since 1854
PIERCETON - Paragon Medical Inc. announced Friday that it has entered into an agreement to purchase the Smithfield, Utah, production facility of DePuy Mitek, a Johnson & Johnson Co.
The announcement comes on the heels of Paragon's late December news of its acquisition of Mark Machine Inc. and Ortho-Craft Inc. and their affiliate companies Osteomac and Ortho-Precision, respectively.
The parties expect to finalize the transaction in February. The Smithfield facility employs more than 75 people and encompasses 32,000 square feet of leased office and manufacturing space. It produces instruments and implantable components supporting applications in the sports medicine and arthroscopy market segments. The operation also provides prototyping and quick reaction services.
Subsequent to the conclusion of this transaction, Paragon intends to expand the capacity of the facility as well as the original equipment manufacturer client base.
Tobias Buck, chairman and CEO of Paragon Medical, said, "With the recent acquisitions of Mark Machine, Ortho-Craft and the successful purchase of the Smithfield manufacturing facility, Paragon will have regional centers of manufacturing excellence and geographic locations that allow us to maintain the small company experience our clients have come to appreciate about Paragon."
Commenting on the second major growth initiative in less than 30 days, Buck added, "Once acquired, this facility will continue to be successful because of the significant bench depth resident within it."
The Smithfield facility will become a division of Paragon Medical, as well as take on the Paragon Medical name. Employees at the Smithfield facility will become Paragon employees.
"By offering Smithfield's capabilities to other OEMs, Paragon will greatly enhance its ability to compete in the sports medicine market segment," said Cory Colman, executive vice president of business development of Paragon Medical. "The Smithfield facility is well organized, well managed and possesses significant knowledge associated with the processes and materials required to manufacture instrumentation and implantable components for the sports medicine marketplace. Upon completion, this transaction will radically expand our ability to competitively participate in this market segment and will complement our existing strength in hips, knees, spine and trauma."
Incorporated in 1991, Paragon Medical has offices and production facilities in Pierceton, Memphis, Tenn., Fairfield, N.J., Pompano Beach, Fla., and Lausanne, Switzerland. For more information on the company, visit www.paragonmedical.com
