DUBLIN, Ireland, March 21 /PRNewswire-FirstCall/ -- Trinity Biotech plc today announced that it has completed the acquisition of Research Diagnostics Inc. ("RDI"), of Flanders, New Jersey.
Trinity Biotech has acquired the business of RDI for US$4.2 million in cash. RDI provides a comprehensive range of immunodiagnostic products to research facilities, pharmaceutical companies, reference laboratories, diagnostic manufacturers, and universities worldwide. The Company's revenue and profit performance has shown consistent growth with sales last year in excess of US$5 million. The acquisition is expected to be accretive in the current financial year.
The range of products provided by RDI is similar to that provided by Fitzgeralds, a company which Trinity acquired in April 2004. Specifically the range includes monoclonal and polyclonal antibodies, antigens, proteins, enzymes and immunochemicals employed in the areas of cancer, cardiac, fertility and infectious disease diagnosis. The operations of RDI will be integrated with those of Fitzgeralds in the coming months and the combined entity will operate on a stand alone basis within the Trinity group.
Ronan O'Caoimh, Trinity Biotech CEO, commented "We are delighted to be deploying our cash resources to this earnings accretive acquisition. RDI is a natural fit with our existing operations in Fitzgerald in that it is particularly strong in supplying product to research facilities worldwide whereas Fitzgerald's focus is on diagnostic manufacturers. There is minimal overlap in the products supplied by both companies. We are confident that the combination of both RDI and Fitzgerald will strengthen Trinity's position in this segment of the life sciences market with combined turnover in excess of US$11 million."
Edward Fitzgerald, Chairman Fitzgerald Industries International, commented "The acquisition of RDI by Trinity will provide Fitzgeralds with access to an alternative customer base and exciting new products for supply to existing Fitzgerald customers. We are very excited at the opportunities this will present to continue the growth profile of our business and to position Fitzgerald and RDI as leading suppliers to the life sciences market."
Trinity Biotech develops, acquires manufactures and markets diagnostic products for the clinical laboratory and point-of-care segments of the diagnostic market. The broad line of over 500 test kits are used to detect infectious diseases, sexually transmitted diseases, blood coagulation disorders, and autoimmune diseases. Trinity is also a significant provider of raw materials to the life science industry. Trinity Biotech sells worldwide in 78 countries through its own salesforces and a network of international distributors and strategic partners. For further information please see the company's website: http://www.trinitybiotech.com/.
Forward-looking statements in this release are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, but not limited to, the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of competitive products, product development commercialisation and technological difficulties, and other risks detailed in the Company's periodic reports filed with the Securities and Exchange Commission.
Trinity Biotech plc