Trinity Biotech acquires Fitzgerald business

Ireland's Trinity Biotech has acquired the US firm Fitzgerald Industries International for $16 million consisting equally of $8 million cash and $8 million shares in the Dublin-based firm.

Fitzgerald provides a comprehensive range of immunodiagnostic products to pharmaceutical companies, reference laboratories, diagnostic manufacturers, universities and research facilities worldwide. The company's growth has been impressive and profitable, with sales increasing from $3.8 million for the period ending December 31, 2000 to $7.0 million in 2003, repersenting a compound growth rate of 23% per annum, commented Trinity, adding that the acquisition will be earnings-positive in 2004.

The range of products provided by Fitzgerald includes monoclonal and polyclonal antibodies, antigens, proteins, enzymes and immunochemicals employed in the areas of cancer, cardiac, fertility and infectious disease diagnosis. As part of the transaction, the principals of Fitzgerald will remain and will continue to direct the operations of company as a stand-alone entity within the Trinity group.