Healthcare Industry News: Baxter International
News Release - March 1, 2007
Fenwal Launched as Independent Corporation Following Completion of Divestiture From Baxter Healthcare CorporationROUND LAKE, Ill., March 1 (HSMN NewsFeed) -- Fenwal Inc. today announced its launch as an independent company. The new corporation is formed upon Baxter Healthcare Corporation completing the sale of its Transfusion Therapies business to Texas Pacific Group (TPG) and Maverick Capital, Ltd.
Established by TPG and Maverick Capital, Ltd. as an independently operated company, Fenwal now becomes one of the world's largest suppliers of products and services to the transfusion medicine industry. Since it was first established in 1949, the Fenwal brand has become recognized around the world as being synonymous with innovation in transfusion medicine.
"More than 50 years ago, this business was created with a single purpose: to support the mission of health-care providers to save and improve lives by providing high quality, innovative blood collection and processing products and services," explains Ron K. Labrum, President and CEO of Fenwal. "Today, this purpose is renewed as Fenwal once again becomes an independent company."
A pioneer in the science of transfusion medicine, Fenwal has introduced technological breakthroughs that have helped make blood collection and blood therapy a reality, and its advanced technologies have helped to ensure a safe and plentiful global blood supply. "We are focused on delivering new and better solutions and products that are developed in collaboration with our customers, and backed by the service and support expected of an industry leader," said Labrum. "As an independent business, Fenwal will have a singular focus and resources to continue investment in research and development, as well as pursue opportunities to shape the future of transfusion medicine."
Baxter will continue to provide certain manufacturing, distribution and support services to Fenwal for a period of time following the close, under transition agreements signed by the companies. "As the transfer of ownership occurs, our first priority is to maintain excellence in customer service and to execute a seamless transition of ownership," said Labrum.
TPG is a private investment partnership that was founded in 1992 and currently has more than $30 billion of assets under management. With offices in San Francisco, London, Hong Kong, New York, Minneapolis, Fort Worth, Melbourne, Menlo Park, Mumbai, Shanghai, Singapore and Tokyo, TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, joint ventures and restructurings. Please visit http://www.tpg.com .
Dallas and New York-based Maverick Capital, Ltd., a manager of private investment funds, is also an investor in this transaction.
Fenwal Inc. has five manufacturing plants located in Haina, Dominican Republic; San German and Maricao, Puerto Rico; La Chatre, France; and Bir Drassen, Tunisia. The company has approximately 3,500 employees worldwide, and annual sales of more than $500 million.
Fenwal's global team is focused on the development, manufacture and global marketing of products that allow blood centers, hospital blood banks, and plasma collection centers throughout the world to collect, separate, process, filter, store and administer whole blood and blood components for therapeutic use. To enhance the safety of transfusion medicine, Fenwal has focused on improved patient protection and has played a key role in developing automated systems and safety systems for whole blood collection. From the first fully automated blood cell separator to the most advanced apheresis technology, Fenwal continues to be a world leader in the development of innovations that change the practice of transfusion medicine.
Current product development is focused on systems that facilitate the process of cell separation using automated methods, systems to remove leukocytes (white cells) from blood components, and other processes to aid in ensuring a safe and available global blood supply. Please visit http://www.fenwalinc.com .
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