Molex will acquire drug and device packaging company Phillips-Medisize in a deal that is expected to close this fall. Financial terms were not disclosed.
Hudson, WI-based Phillips-Medisize caters to the diagnostics and medical device, primary pharmaceutical and drug delivery sectors. It manufactures components for devices such as insulin pens and pumps, glucose meters and surgical tools for laparoscopic and endoscopic procedures, as well as pharmaceutical packaging.
A portfolio company of Golden State Capital, Phillips-Medisize has about 4,300 employees in 17 locations in North America, Europe and China. Of its $700 million in annual sales, 80% comes from drug delivery, medical device and diagnostic products. Meanwhile, Molex bills itself as a global manufacturer of “complete interconnect solutions.” Its products include lighting products, packaging and fiber optic systems.
“Molex’s global scale in electronics, coupled with Phillips-Medisize’s strength in designing and manufacturing innovative products for medical device customers, will help us become a global leader in connected health solutions,” said Phillips-Medisize CEO Matt Jennings in the statement.
Before being acquired itself, Phillips-Medisize made some deals of its own. In 2016 alone, it acquired Injectronics, which offers contract engineering and manufacturing services to diagnostics and medical device companies, as well as healthcare company Medicom.
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