US sterilization specialist Sterigenics is to buy Canadian radioisotope supplier Nordion.
The transaction - valued at some $727 million - is subject to Nordion shareholder and regulatory approval, as well as court approval. If approved, the deal is expected to close in the second half of 2014. Nordion would operate as a standalone company within Sterigenics and will continue to operate under the Nordion name.
Sterigenics CEO Michael Mulhern commented, "Nordion is a recognized global leader in the medical isotopes and sterilization sectors." He added, "Through this acquisition, our focus is to ensure a stable long-term source of cobalt-60 that will maintain customer confidence in the future availability and growth of gamma sterilization as one of many sterilization options."
Mulhern continued: "In the short term, Nordion customers should expect business as usual. Over the long run, we look forward to working with existing and new reactor partners to create a larger and more reliable supply of cobalt-60 for the future."
Sterigenics, headquartered in Deerfield, Illinois, operates 39 facilities across the Americas, Europe and Asia providing outsourced contract sterilization services to the medical device, pharmaceutical, food safety and high performance/specialty materials industries.
Cobalt-60 can be used in a range of applications including gauges in blast furnaces to measure furnace performance, as well as for gamma sterilisation and industrial radiography.
Researched and written
by World Nuclear News