« New medical supply biz across from Saint Marys |
| Downtown housing complex shaping up »
Rochester Medical's $10.5 million purchase of a European company could lead to growth at its home facility in Stewartville.
To keep up with growing demand in Europe and elsewhere, the catheter maker will eventually need to expand manufacturing in Stewartville, said Anthony J. Conway, CEO and president. He offered no time frame.
"We will definitely will be expanding in Stewartville," he said. "We'll need it. Just this quarter, we've expanded our domestic sales staff (based in the United States) from 12 people to 40."
Rochester Medical, which makes silicone catheters and other urological supplies, announced this week that it is buying Laprolan B.V., a medical supplies distributor, for $10.5 million. Laprolan is based in the Netherlands.
The sale is contingent on approval by the shareholders of Laprolan's owner Fornix N.V. It is expected to be approved by the end of the first quarter.
The acquisition fits with the international focus at Rochester Medical, which tallied about $42 million in sales last year.
The company exports the majority of the catheters it makes in Stewartville to European markets.