ATS to acquire Comecer
Press releases may be edited for formatting or style | January 14, 2019
CAMBRIDGE, ON, Dec. 19, 2018 /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company"), an industry-leading automation solutions provider, today announced it has entered into a definitive agreement to acquire Comecer S.p.A. ("Comecer"), a leader in the design, engineering, manufacture and servicing of advanced aseptic containment and processing systems for the nuclear medicine and pharmaceutical industries.
"Comecer is a proven, high-quality business that brings new and complementary capabilities, customer relationships and specialized talent to ATS," said Andrew Hider, CEO of ATS. "Its addition will strengthen our customer offering in both pharma and biopharma, while adding an innovative new platform in radiopharmaceuticals. These are growing markets with desirable characteristics including stringent quality standards and regulations and where there is a high consequence of failure. We look forward to welcoming Comecer to the ATS family."
Comecer generates approximately 55% of its annual sales to customers in the radiopharmaceutical market, where it supplies specialized radiation shielding systems used by customers in the production, handling, and dispensing of radiopharmaceutical drugs. Applications for this type of equipment include the diagnosis and therapeutic treatment of a number of conditions including various forms of cancer and cardiovascular disorders. The balance of Comecer's sales are derived from equipment to support the aseptic processing, filling and handling of specialized pharmaceuticals as well as isolator and incubator equipment used in advanced therapy medicinal production (ATMP), a regenerative cell therapy that uses patient cells to grow new tissues.
Comecer was established in 1974, and today has approximately 320 skilled employees, the majority of whom work at its main production site in Castel-Bolognese, Italy. The main production site is the home of Comecer's research and development centre. Comecer also has a technical and assembly centre in Joure, Netherlands, and sales and service offices in North America, Europe and Asia.
The total cash purchase price for the acquisition will be 113 million Euro, subject to working capital and other adjustments. The Company will fund the acquisition primarily from cash on hand and its credit facilities. The transaction is expected to close in the first calendar quarter of 2019, subject to customary closing conditions.
"Comecer is a proven, high-quality business that brings new and complementary capabilities, customer relationships and specialized talent to ATS," said Andrew Hider, CEO of ATS. "Its addition will strengthen our customer offering in both pharma and biopharma, while adding an innovative new platform in radiopharmaceuticals. These are growing markets with desirable characteristics including stringent quality standards and regulations and where there is a high consequence of failure. We look forward to welcoming Comecer to the ATS family."
Comecer generates approximately 55% of its annual sales to customers in the radiopharmaceutical market, where it supplies specialized radiation shielding systems used by customers in the production, handling, and dispensing of radiopharmaceutical drugs. Applications for this type of equipment include the diagnosis and therapeutic treatment of a number of conditions including various forms of cancer and cardiovascular disorders. The balance of Comecer's sales are derived from equipment to support the aseptic processing, filling and handling of specialized pharmaceuticals as well as isolator and incubator equipment used in advanced therapy medicinal production (ATMP), a regenerative cell therapy that uses patient cells to grow new tissues.
Comecer was established in 1974, and today has approximately 320 skilled employees, the majority of whom work at its main production site in Castel-Bolognese, Italy. The main production site is the home of Comecer's research and development centre. Comecer also has a technical and assembly centre in Joure, Netherlands, and sales and service offices in North America, Europe and Asia.
The total cash purchase price for the acquisition will be 113 million Euro, subject to working capital and other adjustments. The Company will fund the acquisition primarily from cash on hand and its credit facilities. The transaction is expected to close in the first calendar quarter of 2019, subject to customary closing conditions.
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