Intermagnetics to Buy MRI Devices for $100 Million

In a move to strengthen and broaden its product portfolio, Intermagnetics General Corp. (Latham, NY, USA) has agreed to acquire privately held MRI Devices Corp. (MRIDC; Waukesha, WI, USA), a leading manufacturer of radiofrequency (RF) coils for magnetic resonance imaging (MRI) systems, for U.S.$100 million in cash and stock.

"In addition to the financial benefits--with earnings anticipated to increase by greater than 15%--this is an unusually complementary and fundamentally strategic acquisition that will combine our existing Medical Advances, Inc., (MAI) subsidiary with MRIDC to create a leading global medical device company in the design, manufacture, and distribution of high-quality RF coils and other MRI-related accessories,” remarked Glenn H. Epstein, CEO of Intermagnetics. "The two businesses have similar product offerings, with MAI's strength in RF coils designed primarily for imaging the body's extremities and MRIDC's focus on coils for cardiovascular and neurovascular applications.”



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