Posted at: 09/04/2013 10:22 AM

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Rochester Medical Bought for $262 Million

(ABC 6 NEWS) -- A local medical device company is being acquired by New Jersey medical company C.R. Bard.

The deal for Rochester Medical, Inc. based out of Stewartville, is valued at $262 million dollars.

Rochester Medical is a leader in the urology marketplace.

Timothy M. Ring, Bard’s chairman and CEO, commented, “Rochester’s double-digit growth product portfolio, including their customer access programs, is a key building block in our strategy to access faster growing markets over the long-term. We believe that strengthening our position in the home care market, and specifically the large and fast-growing intermittent self-catheter segment, is strategically important at this time.”

The deal has been approved by the board of directors for each company.

To read the full release, click here.