Molex Expands Global Medical Electronics Market Capabilities with Acquisition of Affinity Medical Technologies
LISLE, Ill.--(BUSINESS WIRE)-- Molex Incorporated (MOLX) (NASDAQ: MOLXA), global manufacturer of complete interconnect solutions, announced today it has acquired Affinity Medical Technologies LLC, based in Costa Mesa, Calif. Affinity Medical Technologies specializes in designing and manufacturing custom medical interconnect products. According to Tim Ruff, Molex Senior Vice President of Business Development and Corporate Strategy, this is a strategic acquisition that will help expand Molexs presence in the global medical electronics market.
Affinity Medical Technologies is a great fit for Molex because it expands our capabilities in key areas that will help us better serve the global medical electronics market, Ruff said. Its products are used in almost every area of medical monitoring. Affinity Medical is well known for its quality and service as well as its expertise in product design, engineering, assembly and testing. Affinity Medical will help us quickly deliver the innovative solutions the medical electronics market demands. It has an excellent group of talented, experienced people with strong relationships within the medical electronics market.
Mary Phillipp, Affinity Medical founder and CEO, agreed that Molexs global presence and manufacturing capabilities will give both companies the opportunity for faster growth.
Our capabilities complement each other, she said. Together, we are confident we can become a major force in the rapidly expanding global medical electronics market.
Affinity Medical Technologies was founded in 1997. It will operate as a subsidiary of Molex Incorporated and will be part of the companys Cable Products Group within the Global Integrated Products Division.
B. Riley & Co., LLC acted as exclusive financial advisors to Affinity Medical Technologies. B. Riley & Co., LLC is a leading independent investment bank that provides a full array of corporate finance, research, and sales and trading services to institutional clients.
About Molex Incorporated
Providing more than connectors, Molex delivers complete interconnect solutions for a number of markets including data communications, telecommunications, consumer electronics, industrial, automotive, medical, military, lighting and solar. Established in 1938, the company operates 41 manufacturing locations in 16 countries.
Molex is a registered trademark of Molex Incorporated.
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Source: Molex IncorporatedCopyright Business Wire 2012