Trinity Biotech Completes Acquisition of Fitzgerald Industries International
Dublin, Ireland. Trinity Biotech plc announced that it has completed the acquisition of Fitzgerald Industries International, Inc.
Trinity Biotech has acquired the business of Fitzgerald for US$16 million consisting of cash of US$8 million and shares in Trinity Biotech of US$8 million. Fitzgerald provides a comprehensive range of immunodiagnostic products to pharmaceutical companies, reference laboratories, diagnostic manufacturers, universities and research facilities worldwide. The Company's growth has been impressive and profitable with sales growing from $3.8 million for the period ending December 31, 2000 to $7.0 million in 2003 which is a compound growth rate of 23% per annum. The acquisition will be earnings positive in 2004.
The range of products provided by Fitzgerald 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.
Ronan O'Caoimh, Trinity Biotech CEO, commented "We are delighted to acquire the business of Fitzgerald Industries which is a business we have admired for many years. This acquisition positions us in an exciting area of the life sciences market with significant potential for future growth. The combination of Fitzgerald's excellent products and Trinity's marketing capabilities through its distributor base in eighty countries worldwide will result in continued ongoing growth within Fitzgerald. 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 or Fitzgerald's sourcing expertise and in the medium term will provide Trinity with the ability to source raw materials at better prices."
Edward Fitzgerald, President Fitzgerald Industries International, commented "The acquisition of Fitzgerald by Trinity will provide the company with access to a wider distribution base. We are very excited at the opportunities this will present to continue the growth profile of our business and to better serve our customers. It is the intention of both parties that Fitzgerald will continue to operate as a stand-alone entity."
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