Scapa expands medical division with $30m acquisition

22nd Dec 2011 07:51

Bonding materials firm Scapa has bought Tennessee-based WEBTEC Converting for $30m in cash.WEBTEC is a contract manufacturer and converter, printer and packager of adhesive-backed medical devices and provides companies in the woundcare, diagnostics and electronics markets."Scapa is seeking to build a group that is comprised of three divisions, equal in scale: Medical, Electronics and Industrial. The Acquisition supports this growth and is an important step in enhancing Scapa's technology and service offer to medical customers," Scapa said.A maximum additional payment of $15m could be paid depending on results in 2012 and 2013.WEBTEC generated unaudited revenues and operating profits of $27m and and $3.6m in 2010.Scapa's Chief Executive Heejae Chae said: "[WEBTEC's] blue chip customer base and strong management team are an excellent fit with our Group and will enable us to offer turn-key solutions in advanced wound care and consumer medical segments."