Swiss-based manufacturer of electronics and sensors TE Connectivity Ltd. TEL concluded the buyout of healthcare device company Creganna Medical Group for $895 million, in its bid to expand and emerge as the industry leader in high-growth harsh environment applications.Ireland-based Creganna designs and manufactures gear for medical-device makers. Its products are intended for critical surgical procedures and medical treatments where utmost levels of quality, performance and reliability are called for.Creganna is a portfolio company of Permira Funds and has generated sales of about $250 million last year.Reportedly, Creganna has a market share of about 8% in the medical interventional connector market. The acquisition will enable TE Connectivity to expand its footprint in the fast growing, minimally-invasive interventional business in the medical device market.The new business will be reported under TE Connectivity’s Industrial Solutions segment. The company expects the deal to be accretive to the extent of three cents to adjusted earnings in the first full fiscal year, while boosting interventional revenues by over $300 million.This deal offers TE Connectivity the opportunity to explore, and establish a foothold in the high-growth market for minimally invasive integrated solutions. In addition, the new products complement TE Connectivity’s existing product portfolio, and will enable it to deliver the broadest range of integrated solutions to this high-growth space.TE Connectivity has been realigning its business to enhance its focus on the connectivity and sensor markets. It also seeks to strengthen its market share in applications for harsh environments.The acquisition comes about a year after TE Connectivity took over AdvancedCath, a catheter systems maker, for $190 million. Also, it sold most of its network gear business to CommScope Holding Co for roughly $3 billion last year.Recently, TE Connectivity penned a deal to sell its circuit-protection business to Littelfuse Inc. for $350 million.In the last reported quarter, TE’s reported earnings registered a year over year drop of about 21%, weighed down by a strong U.S. dollar which restricted revenue growth, coupled with weakness in its industrial market and feeble demand from China.However, the company’s efforts to simplify its global manufacturing footprint, in addition to its strong manufacturing footprint and accretive acquisitions, will enable it to leverage significant growth opportunities in multiple business lines, thus driving future growth.TE Connectivity currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry are CalAmp Corp. CAMP, Rogers Corporation ROG and IEC Electronics Corp. IEC. Each of these stocks sports a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TE CONNECT-LTD (TEL): Free Stock Analysis Report IEC ELECTRS NEW (IEC): Free Stock Analysis Report ROGERS CORP (ROG): Free Stock Analysis Report CALAMP CORP (CAMP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research