WILMINGTON, Mass. -- (BUSINESS WIRE) -- Accellent Inc. (“Accellent” or the “Company”), a wholly-owned subsidiary of Accellent Holdings Corp., completed the sale of its facility located in Watertown, Connecticut (the “Facility”) to Utitec, Inc. (“Utitec”), also headquartered in Watertown, Connecticut. The vast majority of the Facility’s employees became employees of Utitec on January 1, 2013.
Donald Spence, Chairman and CEO of Accellent, stated, "This sale allows Accellent to continue to increase its focus on its core medical device markets and provides future growth opportunities for employees at the Watertown facility.”
"We are very excited to begin a new era for the Watertown facility, and we believe our focused efforts and planned improvements will bring added value and greater opportunity to our customers,” added Carl Contadini, Executive Chairman of Utitec. “We are in the process of making this transition as smooth and seamless as possible for our customers, vendors and employees. We are taking great effort to ensure that our customers will continue to be able to order and receive the highest quality products from the Watertown facility.”
Accellent provides fully integrated outsourced manufacturing and engineering services to the medical device industry primarily in the cardiology, endoscopy and orthopaedic markets. Accellent has broad capabilities in precision component fabrication, finished device assembly, complete supply chain management capabilities and engineering services. These capabilities enhance customers’ speed to market and return on investment by enabling them to refocus internal resources more efficiently. For more information, please visit www.accellent.com.
Utitec is a contract manufacturer of precision, miniature drawn metal components for the medical and electronics industries. Tim Richards, who served as Utitec's CEO from 1991 until 2002, will be joining Utitec's board of directors. Utitec is a Harwood Capital LLP ("Harwood") portfolio company. Harwood is a UK registered investment manager that invests exclusively in small-cap US and UK public and private companies. It employs a low leverage strategy in buying and building its private company portfolio. For more information, please visit www.harwoodcapital.co.uk and www.harwoodpe.co.uk.
This press release includes “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. All statements included herein, other than statements of historical fact, may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the risk factors contained in the Company’s Form 10-K for the year ended December 31, 2011 filed with the Securities and Exchange Commission on March 29, 2012. All forward looking statements are expressly qualified in their entirety by such risk factors.