WILMINGTON, Mass.--(BUSINESS WIRE)--Today Accellent Inc. (“Accellent” or the “Company”) announced the decision to close its Arvada, CO site and to consolidate its two Galway, Ireland sites into one. This decision results from a manufacturing strategy developed as part of the integration of Accellent and Lake Region Medical following Accellent’s acquisition of Lake Region Medical in March 2014. Accellent will rebrand the combined companies as Lake Region Medical later in the 3rd Quarter of 2014.
“Throughout the last several months we have carefully reviewed the operations of both legacy companies with the intent of defining a center of excellence strategy that best suits the long-term needs of our business. As a result we have made the difficult decision to cease manufacturing in our Arvada site by early to mid 2016,” stated Don Spence, Chairman and CEO. The products currently manufactured at the Arvada site will be transferred to other Company facilities and this action ultimately will impact approximately 200 employees.
A decision was also made to consolidate the Company’s two Galway, Ireland sites into one location. The two sites are located less than three miles away from one another. It is expected that the majority of employees will remain with the Company once the consolidation is completed.
“We recognize the profound impact that site closures and consolidations have on our employees. All affected employees have been provided a comprehensive severance package and a professional outplacement program. Employees will also have the opportunity to be considered for open positions at our other locations. We appreciate their continued efforts through this difficult time,” said Tricia McCall, Senior Vice President of Human Resources.
Once the closure and combinations are completed, Accellent (Lake Region Medical) will continue to operate 15 sites throughout the world. The Company has positioned each site as a center of excellence with focused roles and responsibilities within its product category and scope of capabilities. Don Spence closed by stating, “We believe that focusing our manufacturing sites will further improve our quality, delivery and cost competitiveness. It will also support the continued technology innovation that is critical to delivering world class development and manufacturing expertise to all our customers.”
About Accellent (Lake Region Medical)
Accellent (Lake Region Medical) collaborates with the world’s leading medical device companies to deliver life-changing innovations that enhance the lives of patients. Backed by decades of experience and clinical expertise, we help customers bring products from concept to point-of-care within specialized Cardio & Vascular and Advanced Surgical markets. The Company offers fully integrated outsourced manufacturing and engineering services, contract manufacturing, finished device assembly, original device development and supply chain management services. For more information, please visit www.accellent.com or www.lakeregionmedical.com.
Forward Looking Statements
This document includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. All statements included herein, other than statements of historical fact, may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Actual results may differ from those set forth in the forward-looking statements.
