Saes All American Nitinol Business
Saes will sell its assets on nitinol, an intelligent material used in the medical field and in robotics, to the American Resonetics. All the details
Why does SAES want to give up on an innovative material like nitinol?
SAES Getters, an Italian company that manufactures electronic components and metal alloys, today announced an agreement to divest US medical device company Resonetics of ownership of its nitinol business and two US subsidiaries, Memry Corporation and SAES Smart Materials.
THE VALUE OF THE OPERATION
The agreed sale price is USD 900 million (€857 million), which corresponds to approximately seventeen times the adjusted EBITDA relating to the sale area in the period between October 1, 2021 and September 30, 2022.
The sum will be paid in cash in a lump sum. The company expects the deal to close in 2023.
THE OBJECTIVES
The operation – reads the group's press release – “will allow SAES to have a huge liquidity injection, which will allow the Group to develop an industrial growth plan, both organic and inorganic, consistent with the technical-scientific skills of the Group, with particular focus in the areas of advanced packaging and new functional materials ( chemicals ), as well as to be used to guarantee a return for stakeholders".
The main shareholder of SAES, with over 50 percent of the shares, is the holding company SGG Holding SpA
WHAT IS NITINOL AND WHAT IT IS USED FOR
Nitinol (short for Nickel Titanium Naval Ordinance Laboratory) is an alloy of nickel and titanium . It is classified among intelligent materials, or smart materials , or – as the specialized portal Science CuE writes – those materials capable of modifying their properties when subjected to particular stimuli.
If deformed, nitinol is able to recover its shape due to overheating or mechanical stress.
Nitinol is used in the medical field – and more specifically in cardiology – in the construction of coronary stents: they are expandable tubes of metallic material that are inserted into the coronary arteries to prevent their obstruction. Stents made of stainless steel or titanium have a risk of "plasticizing" when they are expanded until they touch the blood vessel walls. Nitinol stents, on the other hand, are able to adapt their shape better thanks to body temperature.
Nitinol is also used to make the so-called "Simon filters", useful for the prevention of emboli in those subjects who cannot take anticoagulants, in the design of membrane protests for the treatment of aortic valves and in the construction of microsurgical and surgical instruments orthodontics.
Finally, nitinol is also used in the robotics sector, for the creation of prehensile robotic arms, and in the construction sector, to destroy the rocks that prevent excavations.
HOW MUCH IS THE NITINOL BUSINESS WORTH FOR SAES
The nitinol business that SAES Getters will sell to the US Resonetics achieved revenues of 90.8 million euros in the first nine months of 2022. In the same period, it recorded an EBITDA of 36.3 million and a net result of 24.5 millions. In the full year 2021, the business generated revenues of 88 million euros.
WHAT RESONETICS DOES
Resonetics is an American company that designs and manufactures devices for the medical and life sciences industries. Its main shareholders are the American investment company Carlyle and the private equity fund GTCR.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/saes-getters-nitinol-cessione-stati-uniti/ on Mon, 09 Jan 2023 12:20:41 +0000.