We are excited to announce that with the acquisition of Phillips-Medisize, we will create our fourth market-focused Division, the Medical Solutions Division, effective December 1, 2016. This acquisition, which is the largest one in Molex’s history, gives us enough scale in the global medical market to justify a separate Global Division.
Matt Jennings, former Phillips-Medisize Chairman, President, & CEO will lead this new Division as Division President and will become a member of the Global Leadership Team. He will report to me. Phillips-Medisize will operate as an indirect subsidiary of Molex, and as a well-known and respected brand, will continue to do business as Phillips-Medisize. Its headquarters will remain in Hudson, Wisconsin.
Our existing Medical Solutions Business Unit that is led by John Horgan will become part of the new Medical Solutions Division. John will report directly to Matt and they will work together, and with their respective teams, over the next several months to determine the best way to integrate these businesses and leverage both companies’ strengths.
Please join me in welcoming Matt and the Phillips-Medsize team to Molex. Their successful experience in the medical solutions market, combined with Molex’s expertise in electronics and global scale, will help us significantly grow our medical solutions business globally.