Modular Thermal Technologies has purchased Pompano Beach, Fla.-based Life Wear Technologies, who make compression bandages such as knee and ankle braces, reports Providence Journal.
Here are five key notes, according to the report:
1. Modular's CEO said they plan to expand operations as a result of the purchase.
2. Modular also plans to create new products, and double the amount of employees to about 100.
3. Brad Waught, Modular's CEO, also said the company "would like to be one of the dominant companies in pain management [devices]."
4. Mr. Waught previously served president and CEO of a medical alert company.
5. The combined firms will operate as Life Wear Technologies and focus on both branded and private label sports medicine and therapeutic products.