The Polymer Technology Group To Be Acquired By DSM N.V.
Price not disclosed
BERKELEY, Calif.--(BUSINESS WIRE)--â€œBoth PTG and DSM believe that innovative biomaterials will become enabling technology for tomorrowâ€™s medical devices and prosthetic implants. This union creates a world-class organization committed to advancing biomaterials science and engineering for the benefit of patients around the world. This is great news for PTGâ€™s customers and for the medical device industry in general.â€
Bob Ward, President/CEO, The Polymer Technology Group Inc.
The Polymer Technology Group (PTG) (www.polymertech.com), a preeminent biomaterials company, announced today that it has agreed to be acquired by Royal DSM N.V. The acquisition is expected to close in Q2 2008, subject to regulatory approvals. The acquisition price, which will not be disclosed, consists of an initial payment at closing and an earn-out due as future sales and profit targets are realized. In 2008 PTG expects to exceed USD $40 million in net sales with above-average operating profit margin. PTG expects more than 20% annual sales growth in the next 3-5 years, based on existing business and a pipeline of new products.
Headquartered in Berkeley, Calif., Polymer Technology Group (PTG) specializes in the research, development, design, scale-up, and manufacture of specialty chemicals, polymers, and medical devices. PTG's recently expanded operations include 70,000 ft2 of facilities and equipment to support production-scale polymer synthesis through contract medical device manufacturing, under ISO-certified Quality Systems. The company has about 100 employees.
Steve Hartig, President of DSM Biomedical, said: â€œThrough the acquisition of PTG, DSM Biomedical gains a leading global position in the fast-growing biomedical materials market. Our collective technology in combination with our expanded geographical and customer base will help us to develop a unique portfolio of products for the medical device industry. This will have immediate benefit to PTGâ€™s customers.â€
Bob Ward, one of the founders of PTG, is widely recognized as an innovator in the field of biomedical materials. Since the 1970â€™s, Ward has driven the development of novel biomedical products that have significantly benefited mankind. He will continue in his position as President/CEO of the newly named â€˜DSM Polymer Technology Groupâ€™ after the acquisition. Operations staff and all customer contacts for ordering, product support and contract R&D will also remain unchanged.
Founded in 1989, PTG is a market leader in bringing new specialty chemicals and polymer-based solutions to critical applications in the medical field. Some of the many uses for these materials include pacemakers and neural stimulation leads, contact lenses, orthopedic implants, catheters, stents, implantable sensors and artificial hearts. PTGâ€™s products are widely used by leading medical device companies in both short and long-term devices, several of which have received approval from the US Food and Drug Administration and/or obtained European CE Mark. Its pipeline of new products is built on a strong, proprietary technology platform supporting future growth of its business and allowing strong synergies with DSMâ€™s activities in this expanding market.
DSM â€“ the Life Sciences and Materials Sciences Company
Royal DSM N.V. creates innovative products and services in Life Sciences and Materials Sciences that contribute to the quality of life. DSMâ€™s products and services are used globally in a wide range of markets and applications, supporting a healthier, more sustainable and more enjoyable way of life. End-markets include human and animal nutrition and health, personal care, pharmaceuticals, automotive, coatings and paint, electrics and electronics, life protection and housing. DSM has annual sales of almost EUR 8.8 billion and employs some 23,000 people worldwide. The company is headquartered in the Netherlands, with locations on five continents. DSM is listed on Euronext Amsterdam. To meet the upcoming needs of the medical and biotech industries, DSM Biomedical builds on the expertise and strengths of DSM in polymers, coating technology, materials science and life sciences. More information: www.dsm.com