July 5, 2016
At a press conference during the co-located Medical Design and Manufacturing (MD&M) East and PLASTEC East events in New York, NY, last month, Phillips-Medisize Corp. (Hudson, WI) President and CEO Matt Jennings told the media that the company's global footprint in medical manufacturing hubs was missing a step. “We don’t have a presence in New England, and we are going to look at filling that gap,” he told journalists at the breakfast meeting. Mission accomplished. Phillips-Medisize announced just before the July 4 weekend that it had agreed to acquire Injectronics Inc., a contract engineering and manufacturing services firm serving consumable diagnostics and medical device OEMs from plants located in Clinton and Westborough, MA.
Through this acquisition, Phillips-Medisize will add two manufacturing locations in the northeastern United States, a global center of biopharmaceutical and medical device innovation, said the company in a press release. The current management team will join Phillips-Medisize and continue to oversee Injectronics’ operations, which will continue to serve existing customers.
“Injectronics has a very strong track record of delivering excellent quality service to its diagnostics and medical device customers,” said Jennings, adding that its expertise will further solidify the position of Phillips-Medisize as an industry leader. “This transaction is consistent with our strategic focus to further broaden our reach into the northeastern United States and will enable us to better serve our biopharmaceutical and medical device customers. Our two companies have similar cultures, and we admire Injectronics’ commitment to investing in its people, processes and purpose-built facilities.” Jennings added that he is “excited about working with the talented people of Injectronics” and looks forward to establishing design and development capabilities in the greater Boston area.
Paul Nazzaro, Injectronics President and CEO noted, “I could not think of a better partner than Phillips-Medisize for the people and customers of Injectronics. This transaction creates new opportunities for growth and provides our loyal customer base access to Phillips-Medisize’s global network of design, development and production capabilities and functions across all platforms.”
This acquisition follows the purchase of Medicom in June 2016, a supplier of device strategy, product design and development services with an emphasis on connected drug-delivery devices headquartered in Struer, Denmark. Both acquisitions further the strategic objective of Phillips-Medisize to offer OEMS more integrated product and service offerings that will allow them to rationalize their supply chains.
The waiting period for the Injectronics purchase under the Hart-Scott-Rodino Antitrust Improvements Act has expired, and the transaction is expected to close in early July. Terms of the transaction were not disclosed.
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