Kyocera Corporation (Tokyo:6971), a Japanese multinational ceramics and electronics manufacturer, announced on Tuesday that its US headquarters, Kyocera International Inc, has finalised an agreement with Renovis Surgical Technologies Inc (Renovis), a US-based orthopaedic and spinal medical device manufacturer and developer, to purchase the major assets of Renovis' business operations relating to artificial joint and spinal products.

Financial details of this purchase were not available.

These assets will be transferred into a new California-based company wholly owned by Kyocera International Inc, to be named Kyocera Medical Technologies Inc, in March 2019.

Currently, Kyocera manufactures medical products, including artificial joints and dental implants, primarily for the Japanese market. The US orthopaedic implant market totals approximately USD20bn, representing about 60% of the global market, with continued growth expected. To grow internationally, Kyocera obtained US FDA 510(k) clearance for its artificial hip joints and began selling them in the US in 2017.

Renovi is a market leader in 3D-printed implants and has developed a broad portfolio of innovative products for the US market, serving the needs of orthopaedic, neurological and trauma surgeons. Renovis has continued to develop and commercialise a wide range of products manufactured using its Tesera Trabecular Technology, a proprietary implant surface structure made using additive manufacturing. In addition, Renovis has developed an advanced bearing surface technology for joint replacement products.

According to Kyocera, its global strength and expansive research and development capabilities will accelerate the growth of these valuable Renovis technologies.

Also, Kyocera plans to expand its US medical equipment business through this asset purchase. The newly established company will develop high value-added products that improve patient health and quality of life through synergies between Kyocera's proprietary technologies and those purchased from Renovis.

Kyocera is a leading supplier of semiconductor packages, industrial and automotive components, electronic devices, solar power generating systems, printers, copiers and mobile phones.