Kimberly-Clark Corp. has acquired I-Flow Corp, a manufacturer of pain management and drug delivery technology, for $276 million, according to a report in the Wall Street Journal.
Officials from Kimberly-Clark said in the report that the acquisition would increase its medical devices sales by 50 percent and is part of the company's strategy to move into "higher-growth, higher-margin medical devices." Both companies have approved the deal and expect to close by the end of the fourth quarter.
Kimberly-Clark also bought privately held Baylis Medical Co. for an undisclosed price last week.
Kimberly-Clark's healthcare division as the only one to register sales growth for the company, according to the report. Last year, the division had $1.22 billion in sales, and it is up 4.8 percent to $633 million for the first six months of 2009.
Read the WSJ's report about Kimberly-Clark's acquisition of I-Flow.