A subsidiary of US-based interconnect solutions manufacturer Molex has signed a binding agreement to purchase Phillips-Medisize for an undisclosed sum.

Molex employs more than 40,000 people across more than 40 countries and designs, and manufactures electronic, electrical, and fibre-optic systems and solutions.

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Phillips-Medisize is a portfolio company of equity investment firm Golden Gate Capital and is involved in outsource design, development and manufacturing services for the medical industry.

Subject to customary closing conditions, the deal is expected to close this autumn.

"Molex and Phillips-Medisize share a similar culture and approach to managing the business that creates strong partnerships built on quality and innovation."

Molex business development and corporate strategy senior vice-president Tim Ruff said: “Phillips-Medisize has a talented, experienced and innovative team that has strong customer relationships because of its outstanding ability to serve the unique needs of the medical solutions market.

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“Combined with Molex’s expertise in electronics and broad global manufacturing presence, we are confident that together we can significantly expand our medical solutions capabilities globally.”

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Phillips-Medisize chairman, president and CEO Matt Jennings said: “Molex and Phillips-Medisize share a similar culture and approach to managing the business that creates strong partnerships built on quality and innovation.

“Molex’s global scale in electronics, coupled with Phillips-Medisize’s strength in designing and manufacturing innovative products for medical device customers, will help us become a global leader in connected health solutions.”

Last month, Phillips-Medisize completed the acquisition of Injectronics with an aim to expand its presence and provide purpose-built facilities in the north-eastern US region.