Paramite acquires Lemtronics

In October, Paramit Corporation, a provider of medical devices and instrument manufacturing services, reported that it had entered into an agreement with Lemarne Corporation Limited to purchase its Malaysian-based manufacturing organization, Lemtronics. The sale was subject to the approval of Lamarne's shareholders, which was sought at a general meeting of the Company sometime in mid to late November 2011. The deal has now been finalised. The terms of the transaction were not disclosed. Commenting on the proposed acquisition, Paramit CEO Billoo Rataul said: "The acquisition of Lemtronics gives Paramit Corporation a vehicle to offer medical device and instrument manufacturing services to our current and future customers in the Asian and European markets. We are very excited about the acquisition, and see a tremendous potential to serve our customers world-wide."