Sparton Corp. has announced that Sparton Onyx, its wholly owned subsidiary, has agreed to acquire Onyx EMS for $43.25 million cash, according to a news release.
Onyx, headquartered in Watertown, S.D., primarily manufactures medical devices for OEM and emerging technology companies. The company's provides products in areas including cardiovascular diagnostics, hearing assistance, patient temperature and warming, point-of-care diagnostics, and intraosseous medicine surgical equipment.
"The addition of Onyx meets the criteria of our growth strategy by providing further expansion regionally into the Minneapolis medical device corridor, diversifying our customer base through both existing programs and a strong business development pipeline, and to continue to increase the number of complex sub-assembly and full device programs within Sparton," said Cary Wood, president and CEO of Sparton Corp., in the release. "Additionally, Onyx brings solid, long-term customer relationships that will utilize Sparton's expanded list of service offerings such as our low cost country footprint in Vietnam and full engineering design capabilities."
The transaction is expected to close no later than November 30.
Sparton Corp. is headquartered in Schaumburg, Ill.
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