LONG ISLAND, N.Y. (Sept. 29)—Orthotic products maker Langer Inc. said it will purchase SSL International P.L.C.´s Silipos business for about $15.5 million.
Langer plans to buy the entire Silipos line of elastomer gel-based products for the orthopedic, prosthetic and skin care markets, a 40,000-sq.-ft. plant and its equipment in Niagara Falls, N.Y., according to an SSL spokesman.
Long Island-based Langer will pay $5 million in cash when the deal closes, a $7.5 million promissory note due by March 31, 2006, and a second $3 million promissory note due by Dec. 31, 2009, according to the companies.
The sale needs regulatory approval but the spokesman said the transaction is expected to close Sept. 30. "It´s the last of the medical products portfolio to be divested" by SSL and completes the London-headquartered company's realignment to a consumer product producer, he said.