Gooch & Housego (G&H; Ilminster, England) has completed the acquisition of Integrated Technologies Ltd. (ITL; Ashford, England) in order to expand its presence in the life and health sciences sector and further enable the Group’s move into system based products.
ITL designs, develops, and manufactures medical and in vitro diagnostic (IVD) devices. Combining more than 40 years' experience with an established roster of long-standing international clients, G&H says ITL brings with it the reputation of being one of the most progressive and trusted contract design and manufacturing partners in the market today. The company is based in Ashford, England and has a manufacturing facility in Shanghai and a client servicing capability in Ashland, VA.
Mark Webster, CEO of G&H, said, "This acquisition provides a key step towards achieving our strategic aims of establishing critical mass in our life sciences business and moving up the value chain, through a more systems-based product portfolio. It means we are able to continue to diversify our business, allow G&H access to new high growth markets, as well as reducing, still further, dependency on the historically cyclical micro-electronic sector. ITL is a high quality business, with a long standing customer base, excellent engineering capabilities and a strong financial track record. We are very much looking forward to working with the management, staff and customers of ITL."
This acquisition enables G&H to take a significant step towards meeting its strategic objectives, including doubling the revenue of its life science business and accelerating the Company’s move up the value chain, with all of ITL's sales coming from system based products. ITL's core group of electronic, software, and mechanical engineers provides an enhanced platform on which G&H can expand its systems capabilities. Over time there are a number of potential benefits that will accrue from ITL becoming part of G&H. These include leveraging G&H's footprint in the US, China, and Far East and combining the Company's photonic expertise with ITL's systems capability in order to provide a more attractive product offering to G&H's medical diagnostic customer base.
The ITL organization is led by managing director Tom Cole and business development director Greg Smith--both of whom will remain with the business.
Tom Cole said, "We are excited to be working with the G&H team and look forward to collectively growing our company and continuing to deliver outstanding service to the medtech industry."
SOURCE: Gooch & Housego; https://goochandhousego.com/gooch-housego-group-acquires-itl/