Finland-based device manufacturer Medisize has announced that USA-based Phillips Plastics Corporation will acquire all of its shares. Phillips Plastics Corporation is a leading international specialist in medical plastic design, engineering and manufacturing as well as other sectors. The acquisition will create a global, vertically integrated healthcare company with greater ability to meet customers’ demands.
Ratos, the owner of Medisize, has entered into a Share Sale and Purchase Agreement to sell the entire share capital of Medisize Corporation to Phillips Plastics Corporation (Phillips).
The acquisition is expected to strengthen both companies´ positions in the medical plastics market, thanks to the two companies' "complementary strategic visions and product technologies".
“We are bringing together two long-standing leaders in OEM manufacturing for the healthcare market with more than 30 years of experience in meeting customer needs," said Willem van den Bruinhorst, CEO of Medisize Corporation. "By combining our strengths, we are not only creating an industry leading portfolio of expertise and services, we are also enhancing to provide a wider range of technologies to serve our customers on a global level.
Phillips President and CEO Matt Jennings commented, “Medisize has a world-class management team and European footprint, with demonstrated capabilities in high-volume manufacturing and high-speed automation that will strengthen Phillips’ service offering and global reach. This is a very positive development for each company’s customers, suppliers, and employees.
Both companies have full regulatory compliance and operate within controlled manufacturing environments.
The acquisition is subject to approval from the relevant competition authorities and is expected to be completed by the end of August 2011.
After the transaction is complete, Medisize will continue to operate under its own name as the European division of Phillips and Willem van den Bruinhorst will continue as President of Medisize and report directly to Phillips President and CEO, Matt Jennings.
Phillips Plastics already has a firm foothold in the European medical device industry thanks to its joint venture, CerBo with ProTek Medical in Slygo, Ireland. For more information about this joint venture see Medical Plastics News, issue 1, page 35.