Trinity Biotech completes acquisition of Fitzgerald Industries International
Dublin-based Trinity Biotech has completed the acquisition of Fitzgerald Industries International, of the US for US$16m consisting of $8m cash and $8m in Trinity Biotech shares.
Dublin-based Trinity Biotech has completed the acquisition of Fitzgerald Industries International, of the US for US$16m consisting of $8m cash and $8m in Trinity Biotech shares.
Fitzgerald provides a comprehensive range of immunodiagnostic products to pharmaceutical companies, reference laboratories, diagnostic manufacturers, universities and research facilities worldwide. Sales have grown from $3.8m in 2000 to $7.0m last year. Its range of products includes monoclonal and polyclonal antibodies, antigens, proteins, enzymes and immunochemicals employed in the areas of cancer, cardiac, fertility and infectious disease diagnosis.
As part of the transaction the principals of Fitzgerald will remain and will continue to direct the operations of Fitzgerald as a stand-alone entity within the Trinity Group.
'This acquisition positions us in an exciting area of the life sciences market with significant potential for future growth,' said Ronan O'Caoimh, Trinity Biotech ceo. 'We are confident that this business line will become a significant part of the Trinity Group in the coming years. The acquisition will also provide Trinity with the benefits of Fitzgerald's sourcing expertise and in the medium term will provide Trinity with the ability to source raw materials at better prices.'