Elkhart-based CTS Corp. (NYSE: CTS) has acquired an Illinois-based manufacturer. The $73 million cash deal for CTG Advanced Materials LLC will help boost CTS’ medical sector presence.
The company, formerly known as H.C. Materials, creates materials used in ultrasound imaging technology, wireless pacemakers, implantable hearing aids and defense industry applications. CTS says the acquisition makes it the leading large-scale commercial producer of single crystal materials and traditional piezoelectric ceramics.
CTS Chief Executive Officer Kieran O’Sullivan says "CTG-AM’s market leadership, technological expertise and winning spirit are a perfect fit for CTS. The acquisition of CTG-AM increases CTS’ involvement in the medical industry, and expands our portfolio of products and technologies around the categories of Sense, Connect and Move."
The deal follows last year’s acquisition of Massachusetts-based Filter Sensing Technologies Corp., a startup that specializes in radio frequency measurement and control sensors for cars and commercial and off-road vehicles.
Last month, CTS reported a dip in full-year net income. O’Sullivan characterized the year as "challenging," but was looking at positives for 2016, including projected sales growth of 2 to 5 percent.