Aspen Surgical sold to Hill-Rom

Aspen Surgical Products has been sold to Hill-Rom is a deal valued at $400 million (257.37 million pounds).

Hill-Rom specialises in the production and design of automated beds for medical purposes and its products are sold across the globe.

The purchase was funded by a combination of cash and bank debt, with Hill-Rom keen to add Aspen's portfolio of products to its own – including conventional and safety scalpels and blades, Colby fluid collection products, Richard-Allan specialty needles and a variety of other operating room disposables.

"With the addition of Aspen Surgical, Hill-Rom is well positioned for growth and geographic expansion in our surgical business, particularly in the safety product segments," commented John Greisch, president and chief executive officer of Hill-Rom.

In previous years, Michigan-based Aspen has reported annual turnover in excess of $120 million.

Mr Greisch added the acquisition will add considerable recurring revenue to the company's existing surgical product portfolio and will be immediately accretive to earnings.