OHIO INCENTIVES LURE RESONETICS TO EXPAND

A Nashua-based company has decided to expand a facility in Kettering, Ohio, rather than New Hampshire, thanks in part to a state assistance package.

Micromanufacturer Resonetics LLC was awarded an eight-year tax credit of 1.493% to lure it to expand in Kettering. The state said Resonetics’ expansion is expected to generate $5 million in new annual payroll and retain $7.3 million in existing payroll, according to the state.

The estimated value of the tax credit is $570,000 if all elements are met by the company, according to the Ohio Development Services Agency.

According to state documents, the Dayton Journal reported, the choices were Ohio, New Hampshire, California and Minnesota for the project. The documents said state support would “help ensure the proposed project moves forward in Ohio.”

Resonetics already has about 147 employees in a 20,000-square-foot facility in Kettering.

The Nashua-based firm focuses its technology on components and assemblies for medical device and diagnostics manufacturers, according to its website. It has 10 offices across four countries.

EPTAM ACQUIRES MINNESOTA MEDICAL COMPONENT MAKER

Northfield-based EPTAM Precision Solutions, a manufacturer of medical devices, has acquired Mendell Machine and Manufacturing, a medical component manufacturer in Lakeville, Minn.

Mendell specializes in precision machining of implantable devices for the orthopedic, structural heart, cardiovascular and endovascular markets.

The deal, said EPTAM CEO Mark Kemp, allows the companies to combine their complementary capabilities and provides customers with a “one-stop shop” for orthopedic, cardiovascular, minimally invasive surgery and roboticassisted surgery components.

No transaction price was provided. Founded in 1981, EPTAM was acquired in January 2020 by Frazier Healthcare Partners. It specializes in polymer machining, precision metal machining and injection molding. It has over 450 employees and has two other facilities besides Northfield — one in Colorado Springs, Colo., and the other in Phillipsburg, N.J.

NEW YORK FIRM BUYS BENEFIT STRATEGIES

Voya Financial Inc., a publicly traded company based in New Yok City, has announced it will purchase the third-party health savings and spending accounts administrator Benefit Strategies of Manchester.

Founded in 1989, Benefit Strategies offers administrative services that include direct billing, health savings accounts and health reimbursement arrangements to more than 3,400 employers around the country.

The purchase is expected to become final in the third quarter of the year, and officials said that Benefit Strategies’ roughly 150 employees, including founder and Chief Executive Paul Smith, will join Voya after the sale closes.

Terms of the deal were not disclosed.

TUFTS AND HARVARD PILGRIM NAME NEW CEO

Cain A. Hayes has been named CEO of the newly combined regional health insurance companies Tufts Health Plan and Harvard Pilgrim Health Care.

Hayes will step into the job July 5, replacing Tom Croswell, who previously had announced his retirement. He is CEO of Gateway Health in Pittsburgh, a managed care company with more than 340,000 Medicaid and Medicare members.

“Cain brings a wealth of experience to this role both as a proven leader and seasoned healthcare veteran with a distinguished track record of success,” Joyce Murphy, chair of the board of Tufts and Harvard Pilgrim, said in a press release. “His experience, values and mission-oriented leadership make him well suited to lead the organization into the future.”

Tufts and Harvard Pilgrim merged in January, but have not yet announced a new company name.