Molex buys Phillips-Medisize
Lisle-based Molex LLC, a global manufacturer of electronic, electrical and fiber optic systems, announced that one of its subsidiaries agreed to buy Phillips-Medisize Corp., a developer and manufacturer of medical products.
The Wisconsin company is being sold by San Francisco, California-based Golden Gate Capital, a private equity investment firm.
Financial terms of the transaction were not disclosed Wednesday. Phillips-Medisize Corp. will operate as an indirect subsidiary of Molex.
Phillips-Medisize, headquartered in Hudson, Wisconsin, specializes in the medical device and diagnostics, drug delivery and primary pharmaceutical packaging markets. It has a global network that supports North America, Europe and China and employs more than 4,300 people in 17 locations nationwide, as well as Europe, Mexico and China.
"Phillips-Medisize has a talented, experienced and innovative team that has strong customer relationships because of its outstanding ability to serve the unique needs of the medical solutions market," said Tim Ruff, senior vice president of business development and corporate strategy at Molex. "Combined with Molex's expertise in electronics and broad global manufacturing presence, we are confident that together we can significantly expand our medical solutions capabilities globally."
Molex and Phillips-Medisize share a similar culture and approach to managing the business that creates strong partnerships built on quality and innovation, said Matt Jennings, chairman, president and CEO of Phillips-Medisize.