San Diego medical device maker NuVasive Inc. has acquired one of its main spinal implant suppliers, Dayton, Ohio-based-based ANC LLC, for $4.5 million.
NuVasive has been working with the company since May 2010. The acquisition will bring the 65 ANC members on board, and the Ohio manufacturer will be renamed NuVasive Manufacturing LLC.
“Bringing portions of our manufacturing in house is a key element of our ongoing commitment to improve operating profitability as we grow toward $1 billion in revenue and beyond,” NuVasive chairman and CEO Alex Lukianov said in a statement.
The company said the acquisition will not affect earnings in the 2013 fiscal year.
Lukianov said the move “will reduce the time from the concept of a new idea to ultimate market introduction,” and will help the company integrate the research and development arm of the company with manufacturing.
Shares for NuVasive, a publicly traded company with a market capitalization of $996 million, rose 9 cents following the announcement, closing at $22.51 on May 6.
— Meghana Keshavan