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SP Industries Acquires UK-based Genevac, LTD
April 3, 2007 Warminster, PA
SP Industries announced today the acquisition of Genevac LTD (Genevac) from Thermo Fisher Scientific Inc. (Thermo Fisher), the world leader in serving science. Genevac is a leading global manufacturer of high performance solvent evaporation systems for drug discovery, molecular biology and life science research markets. Neither the structure terms nor the value of the transaction were disclosed.
Genevac will merge into SP Industries, Inc. (SP) to create a dynamic global equipment company. Other SP brands include HotPack, VirTis and FTS, which was acquired in October 2006. Together, SP develops, manufactures and markets a broad line of durable laboratory equipment sold worldwide.
This acquisition will play a critical role in SPs future growth and expansion. Charles L. Grant, chief executive officer of SP, will lead Genevacs operations during the consolidation process and beyond.
"As the industry consolidates, we will continue to seek strategic acquisitions that will enable SP to expand its worldwide operating platform, streamline its operations, and more effectively compete in the global marketplace," said Grant. "By integrating our lines of complementary laboratory equipment products, we can provide our international customer base with a more robust product offering."
Two of Genevacs major product lines include the Genevac EZ2 and HT Series Evaporators and the miVac Concentrators. The evaporators are designed for drug discovery and research and are typically sold to pharmaceutical and biotechnology companies. The miVac concentrator is focused on the life sciences research market, principally for concentrating biologicals.
SP's wealth of industry knowledge and management expertise will provide Genevac with strategic, operational and financial support and enable the company to grow and meet the increasing demands of its loyal client base. In conjunction with the existing management team, Mr. Grant will help oversee the development and execution of the companys business strategy and growth plans.
SP Industries, Inc
SP Industries, Inc., is headquartered in Warminster, PA. SP is a manufacturer of specialty glassware and equipment serving the pharmaceutical, biotechnology, educational, industrial, and OEM markets. The company employs over 500 people, principally in New York, New Jersey and Pennsylvania. Products are sold under well-known, market leading brand names such as VirTis, FTS, Hull, HotPack and Wilmad Lab Glass. Many of these brands have been active for 50 years or more. For more information please visit www.spindustries.com.
Thermo Fisher Scientific
Thermo Fisher Scientific (NYSE: TMO) is the world leader in serving science, enabling our customers to make the world healthier, cleaner and safer. With an annual revenue rate of more than $9 billion, we employ 30,000 people and serve over 350,000 customers within pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental and industrial process control settings. Serving customers through two premier brands, Thermo Scientific and Fisher Scientific, we help solve analytical challenges from routine testing to complex research and discovery.
Founded in 1990, Genevac LTD is headquartered in Ipswich, England and has sales and service operations in Valley Cottage, N.Y. The company manufactures a wide range of standard and custom-made, high performance evaporation systems specifically designed to remove solvent in life science research. This process concentrates and preserves scientific samples that do not require freeze-drying. For more information please visit www.genevac.com.
For more information, contact Chuck Grant at 215-672-7800, visit the SP Industries web site at www.SPindustries.com, or write SP Industries, 935 Mearns Rd., Warminster, PA 18974.