SP Industries, Inc. ("SP"), a leading designer and manufacturer of state-of-the-art laboratory equipment, biological drug manufacturing solutions, and specialty glassware, announced today that it has acquired privately held Bel-Art Products ("Bel-Art"). Headquartered in Wayne, NJ, Bel-Art is a global provider of innovative laboratory solutions serving the scientific, industrial, and healthcare markets and is the parent company of Maddak, Inc. a provider of aids for daily living ("ADL’s") for the retail, institution and healthcare markets.
"The acquisition of best-in-class companies that complement our existing product lines and allow us to expand our presence in the global market has proven to be a very effective strategy," stated SP Industries CEO, Bill Downs.
Downs continued by saying, "Bel-Art Products and Maddak, which will continue operating under their own names, have done a superb job of building brand equity, developing a robust stream of innovative new products, and working with their channel partners to effectively serve the market. We are excited at the increased opportunities to grow market share and will cross-market across brands and leverage each organization’s expertise in product development, operations, finance, and supply chain management."
Brad Mahood, Chief Operating Officer of Bel-Art/Maddak, will play a key leadership role in sales, marketing, and product management at the corporate level. Additionally, David Landsberger, President of Bel-Art Products, will join the Board of Directors for SP Industries.