Fenwal, Golden Meditech Complete Definitive Agreement to Form Joint Venture in ChinaBy Golden Meditech Fenwal Inc., PRNE
Monday, March 7, 2011
New company to focus on products and technologies for blood collection, storage and transfusion
LAKE ZURICH, Illinois and HONG KONG, March 8, 2011 - Fenwal Inc. of Lake Zurich, Illinois, and Golden Meditech Holdings
Limited (stock code: 801.HK; 910801.TW) of Hong Kong announced today they
have entered into a definitive agreement to form a joint venture in China
that will sell advanced products and technologies for blood collection,
storage and transfusion.
The joint venture is expected to be formed later this year after
receiving customary commercial and regulatory approvals. The expected name of
the new company will be Fenwal Jingjing Medical Technologies Ltd. (Fenwal
Jingjing). Fenwal will own 51 percent of the new venture and Golden Meditech
will own 49 percent.
Fenwal Jingjing will bring together advanced blood-collection, separation
and storage technologies from both parent companies, and will benefit from
the complementary strengths of Fenwal and Golden Meditech. Fenwal has a long
history of innovation and leadership in blood technologies worldwide. Golden
Meditech has expertise in serving China's unique and fast-growing health-care
sector, with leadership in cord-blood banking and hospital services as well
as medical-device development, manufacturing and distribution.
The joint venture will maintain an existing Fenwal office in Shanghai and
establish a new operating subsidiary in Beijing, from which it will serve
customers throughout China. Initially, Fenwal Jingjing will sell and
distribute two key products: the Fenwal Amicus(R) blood-cell separator, a
system used to collect platelets and other blood components such as stem
cells; and the 3000H plasma exchange system, which removes toxins from the
blood and was developed by a Golden Meditech subsidiary, Beijing Jingjing
Medical Equipment Co. Ltd. The joint venture also will distribute related
supplies and medical accessories to blood banks, cord blood banks and other
"Fenwal is a global pioneer and leader in advanced blood technologies,"
said Mr. Kam Yuen, Golden Meditech's chairman and chief executive officer.
"Our combined strength and experience will facilitate the advancement of
blood collection and transfusion medicine in China, while offering solutions
that are tailored to the Chinese medical sector to better serve patients.
This agreement is an important milestone and it's a great honor to forge this
joint venture with such an excellent partner."
"Golden Meditech has quickly established a leading position in China for
medical technologies and services," said Mr. Ron K. Labrum, Fenwal president
and chief executive officer. "This is an important collaboration that expands
our product offering, provides new resources for growth and innovation, and
makes us a more attractive partner for other medical companies looking to
enter into or accelerate growth in China."
The two companies had previously announced their intent to form a joint
venture under a framework agreement signed in 2009.
Fenwal, Inc. is a global medical technology company dedicated to ensuring
the continued availability, safety and effectiveness of blood - medicine's
most vital natural resource. Fenwal offers the broadest range of products for
the automated and manual collection, filtration, separation, storage and
transfusion of blood and its components. The company was founded in 1949.
Today, Fenwal products and advanced blood technologies are used to help treat
patients on six continents. Fenwal, Inc. is based in Lake Zurich, Illinois.
For more information, please visit www.fenwalinc.com.
About Golden Meditech
Golden Meditech Holdings Limited is China's leading integrated healthcare
device and service provider, and the first medical device company that is
publicly listed outside of the PRC on the Stock Exchange of Hong Kong Limited
(HKEx). Golden Meditech is a first-mover in China, having established leading
positions in medical devices and healthcare services over the years, thanks
to its strengths in innovation and commercial expertise and the ability to
identify and realize emerging market opportunities. Going forward, the group
will continue to pursue a leading position in niche market segments in
China's healthcare industry both through organic growth and strategic
expansion. For more information, please visit www.goldenmeditech.com.
Media Contacts: Fenwal Golden Meditech Tanya Tyska Dennis Haikuan Lu +1-847-550-2732 +852-3605-8138 firstname.lastname@example.org email@example.com
Fenwal, Tanya Tyska, +1-847-550-2732, tanya.tyska at fenwalinc.com or Golden Meditech, Dennis Haikuan Lu, +852-3605-8138, dennis at goldenmeditech.com
Tags: Asia, Golden Meditech; Fenwal Inc., Hong Kong, Illinois, Illinois And Hong Kong, Lake zurich, March 8