Teleflex Medical, a provider of disposable products for use in critical care and surgery, closed Wednesday on its $2 billion acquisition of Arrow International.

The combined company will generate $1.4 billion in annual revenues and have more than 11,000 employees based in more than 20 companies.

Arrow International is a producer of catheter-based access and therapeutic products.

Teleflex paid $45.50 per share for Arrow stock.

“We are very excited about the potential created by bringing together the considerable talent and resources of these two companies,” said Ernest Waaser, president of Teleflex Medical. “Together we will look to provide a broad range of products to our customers, expand our global sales channels and accelerate the development of new products across our portfolio. Our mission will be to enhance patient outcomes by offering products that are less invasive, reduce infections and improve patient safety.”

Teleflex Medical is based in RTP and is part of Teleflex Incorporated (NYSE: TFX), which has its headquarters in Pennsylvania. Teleflex is a $3.1 billion company.