EPM News Update
Phillips-Medisize Corporation announced that it has entered into a definitive agreement with the Adval Tech Group to purchase, for an undisclosed amount, two manufacturing operations in Suzhou, China (Adval Tech Medical (Suzhou) Co. Ltd.) and Queretaro, Mexico (Omni Manufacturing Services S.A. de C. V.). The transaction is expected to close subject to receipt of final regulatory approvals.
The Suzhou medical technology facility is both ISO 9001 and 13485 compliant and SFDA certified to manufacture finished drug delivery systems and related medical devices. The Queretaro facility is both ISO 9001 and 13485 compliant and FDA registered to manufacture components and subassemblies, drug delivery systems and other related medical devices. The Mexico facility is also manufacturing injection moulded components and decorative components for automotive and consumer applications.
Phillips-Medisize plans to retain all approximately 350 employees from both operations, which will ensure continuity for all existing customers of these operations. This will also position Phillips- Medisize to begin servicing its global customer base from these locations immediately.
Matt Jennings, President and CEO of Phillips-Medisize Corporation, said: “We are very pleased to welcome the China and Mexico employees to the Phillips-Medisize team. This acquisition reflects continued successful execution of our strategic acquisition growth strategy to offer our customers a global manufacturing and designing standard while providing local production and development capabilities. Because these facilities are state-of-the-art manufacturing sites to Switzerland standards, in China and Mexico, we expect these operations will integrate rapidly and seamlessly into Phillips-Medisize and be available immediately to support our global customers.”
Phillips-Medisize Corp, +1 715 381 3213, lori.feiten@phillipsmedisize.com, www.phillipsmedisize.com.