The Polymer Technology Group To Be Acquired By DSM N.V.
Price not disclosed
BERKELEY, Calif. (Business Wire EON) April 28, 2008 --
“Both PTG and DSM believe that
innovative biomaterials will become enabling technology for tomorrow’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 PTG’s customers and for the
medical device industry in general.”
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: “Through
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 PTG’s
customers.”
Bob Ward, one of the founders of PTG, is widely recognized as an
innovator in the field of biomedical materials. Since the 1970’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 ‘DSM
Polymer Technology Group’ 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.
PTG’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 DSM’s
activities in this expanding market.
DSM – 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. DSM’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.
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