15 July 2010 10:03 [Source: ICIS news]
SINGAPORE (ICIS news)--Germany's Merck KGaA has completed its acquisition of US-based life science company Millipore Corp for an aggregate purchase price, including debt and cash, of around €5.2bn ($6.58bn), the company said in an official statement on Thursday.
Merck would begin de-listing and de-registering the shares of Millipore with the relevant US bodies, the company said.
The Germany-based pharmaceutical and chemical producer said its chemicals business would now comprise of two new divisions – the newly-acquired and renamed Merck Millipore and a performance materials unit.
“The new [Merck Millipore] division will offer a comprehensive range of products, technologies and services for pharma and biotech companies as well as for academia, to improve laboratory productivity and develop and optimise manufacturing processes,” the company said in a statement.
Merck expected its combined chemicals business to generate annual cost synergies of around $100m within the next three years, it added.
“We will now move quickly… to capture the significant opportunities in the high-growth, high-margin market segments such as bio-research and bio-production,” said Karl-Ludwig Kley, chairman of the Merck executive board.
Bernd Reckmann would lead Merck Millipore and continue as head of Merck Chemicals, while the company’s performance materials division would be led by Walter Galinat, the current head of Merck’s liquid crystals unit, it said.
Merck Millipore posted revenues of €2.1bn last year and would be headquartered at Billerica in Massachusetts, USA, the statement said.
Meanwhile, the company’s performance materials division had sales of more than €1bn for its fiscal year of 2009 and has around 5,000 employees worldwide, it said.
($1 = €0.79)
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