PLANO, Texas, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Integer Holdings Corporation (NYSE: ITGR), a leading medical device contract development and manufacturing organization (CDMO), today announced the completion of the previously announced sale of its Electrochem business to Ultralife Corporation for $50 million in cash.
Integer will use the proceeds from the sale to pay down outstanding debt.
"With the divestiture of Electrochem, Integer is now a pure-play medical technology company with additional capital to deploy in high-growth medtech markets," said Joseph Dziedzic, Integer President & CEO. "I would like to thank the Electrochem team for all their contributions over the years. We think Electrochem has a bright future under the ownership of Ultralife."
To learn more about Integer, visit www.integer.net.
About Integer®
Integer Holdings Corporation (NYSE:ITGR) is one of the largest medical device contract development and manufacturing organizations (CDMO) in the world, serving the cardiac rhythm management, neuromodulation, and cardio and vascular markets. As a strategic partner of choice to medical device companies and OEMs, Integer is committed to enhancing the lives of patients worldwide by providing innovative, high-quality products and solutions. The company's brands include Greatbatch Medical® and Lake Region Medical®. Additional information is available at www.integer.net.
Forward-Looking Statements
Some of the statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the statement relating to our use of proceeds from the transaction. You can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or variations or the negative of these terms or other comparable terminology. These statements are only predictions and actual events or results may differ materially from those stated or implied by these forward-looking statements. In evaluating these statements, you should carefully consider a number of factors, including, but not limited to, risks and uncertainties that arise from time to time and are described in Item 1A "Risk Factors" of our Annual Report on Form 10-K and in our other periodic filings with the SEC. Except as may be required by law, we assume no obligation to update forward-looking statements in this press release, whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
| Investor Relations: | Media Relations: |
| Andrew Senn | Kelly Butler |
| andrew.senn@integer.net | kelly.butler@integer.net |
| 763.951.8312 | 469.731.6617 |
