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Donaldson Company's acquisition of Solaris Biotechnology is intended to expand their footprint in the life sciences market.
Donaldson Company, a provider of filtration products and solutions, has acquired Solaris Biotechnology, an Italian designer and manufacturer of bioprocessing equipment, for approximately €41 million (US$46.3 million). The acquisition was announced in a Nov. 23, 2021 press release.
“We are excited about Solaris’ capabilities and growth trajectory, and this acquisition is an important step on our journey towards strengthening our presence in the life sciences market,” said Tod Carpenter, chairman, president, and CEO of Donaldson, in the press release. “With Solaris, we are well-positioned to provide more comprehensive solutions to food and beverage customers and expand our access to biopharma and other key life sciences markets. We are committed to building our presence in these markets, and this acquisition, combined with a strong pipeline of opportunities for both focused organic growth and additional acquisitions, gives us confidence we can deliver on our strategic priorities while creating value for our stakeholders.”
“By being part of Donaldson, we will have the global scale and financial flexibility to continue delivering on our growth plans, and we are thrilled about this opportunity,” added Matteo Brognoli, co-founder and CEO of Solaris, in the press release. “Like Donaldson, Solaris is built on strong customer relationships and providing technologically advanced solutions. With the need for Solaris products expanding rapidly, we are better able to meet the growing need while playing an important role in Donaldson’s expansion into life sciences.”
Under the agreement, Brognoli will stay on with the company as managing director of Solaris. His responsibilities will be day-to-day operations and continued growth of the business.