Seattle, WA -- May 10 -- UTI Corp., a global contract manufacturing service provider to medical device manufacturers, has agreed to acquire Medsource Technologies Inc, one of the largest design, engineering and contract manufacturing organizations serving the medical device market.

This acquistion will make the new organization one of the largest contract manufacturing, design and engineering companies of metal and plastic components for the medical industry in the U.S., serving the medical technology market.

Both UTI and MedSource serve the medical device and medical technology markets with complete medical device contract manufacturing, fabrication of critical device components, sub assemblies and finished goods. In addition, both UTI and MedSource provide engineering, design, prototyping and a variety of other product development services.

"This acquisition allows UTI to continue fulfilling its mission to be the world's best order fulfillment and design organization to the medical device industry, as ranked by our customers," said Ron Sparks, President and CEO of UTI. "Through this acquisition, we will be able to offer our customers the widest array of capabilities possible, thereby allowing them to maximize return on their own resources and accelerate their speed to market," he said.

No comment from Ron Sparks on the deal's financing or whether he will be CEO of the combined company and wouldn't discuss the company's restructuring and its impact on personnel and assets. That process should begin as soon as the deal is closed.

Upon completion of the acquisition, the combined company will be jointly owned by DLJ Merchant Banking Partners, KRG Capital, and its co-investors.

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