California-based Arterial Vascular Engineering Inc. (AVE) agreed to buy the coronary catheter lab business of CR Bard Inc for $550 million (£399 million). The purchase includes the rights by Bard to supply certain materials.
CR Bard has manufacturing plants in Galway and Billerica, Massachusetts employing about 1,900 people. In February, 500 new jobs were announced at the Galway operation to eventually bring Irish employment to 1,100 over the next five years.