Phillips Plastics Corp. has acquired Medisize Corp., an international contract manufacturer for the medical industry, from a Swedish private equity firm for about $142 million.
Medisize, based in Finland, has about 850 employees and five production plants in Finland, Ireland, the Netherlands, Switzerland and the Czech Republic. The firm specializes in clean room injection molding.
"This transaction will enhance Phillips' fast-growing medical business by increasing its European footprint and broadening its manufacturing capabilities," says a company spokesman. "With combined revenues of just under $500 million, Phillips will become on of the medical industry's largest and most complete global providers of outsourced medical design and manufacturing service."
Phillips said it employs 1,400 people in 14 locations in the U.S., Europe and China, including design centers in Wisconsin and California.
According to Plastics News, Phillips Plastics runs 228 injection molding machines and generated fiscal 2010 sales of $250 million, making it the 16th-largest injection molder in North America.
The acquisition is subject to regulatory approvals and other conditions. It is expected to close by the end of August 2011.
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