Packaging material maker Essel Propack Ltd (EPL) has announced the acquisition of US based Medical Engineering & Design (MED Inc.) a supplier of specialized disposable medical devices.

EPL has bought 74% equity of Med Inc. in an all cash deal through its US subsidiary — Tacpro Inc. The balance equity will continue to be held by the existing promoter employees of Med Inc.

Minneapolis-based Med Inc. supplies custom built medical products to the medical industry and has expertise in the manufacture of catheters, extrusion, and braid reinforced tubing needs of the medical industry. The enterprise value of the firm stands at $10 million.

According to Essel Propack, the acquisition will be funded partly by loan and partly by the internal accruals through company’s medical device business.

In April, Essel propack acquired medical devices supplier Catheter & Disposables Technology.