Based in Hudson of Wisconsin, Phillips-Medisize is an outsourcing company for design, development and manufacturing of medical products.
The company offers design and manufacturing services to the medical device and diagnostics, drug delivery, and primary pharmaceutical packaging markets.
Phillips-Medisize helps in designing and manufacturing of products such as disposable insulin pens, glucose meters, specialty inhalation drug delivery devices, single use surgical devices and consumable diagnostic components.
With around $700m annual sales, the firm has17 production locations across the US, Europe, Mexico and China.
Subject to customary closing conditions, the deal is expected to complete in the fall.
Once the deal concludes, Phillips-Medisize will operate as an indirect subsidiary of Molex.
Molex business development and corporate strategy senior vice president Tim Ruff said: “Phillips-Medisize has a talented, experienced and innovative team that has strong customer relationships because of its outstanding ability to serve the unique needs of the medical solutions market.
“Combined with Molex’s expertise in electronics and broad global manufacturing presence, we are confident that together we can significantly expand our medical solutions capabilities globally.”
Phillips-Medisize chairman, president and CEO Matt Jennings said: “Molex and Phillips-Medisize share a similar culture and approach to managing the business that creates strong partnerships built on quality and innovation.”
Image: Molex to acquire Wisconsin-based Phillips-Medisize. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.
