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.See all the latest jobs in Medical Devices