Corning Incorporated (NYSE:GLW) announced today that it has completed the acquisition of Mediatech, Inc., a Virginia-based corporation, including Mediatech's subsidiary, KD Medical, Inc., a Maryland-based corporation.
Mediatech is now a wholly owned subsidiary of Corning and will be integrated into Corning's Life Sciences segment. The terms of the agreement are not being disclosed.
Mediatech develops, manufactures, and sells a broad range of high-quality cell culture media and molecular biology reagents related to tissue and cell culture applications. Its products under the cellgro® brand include culture media, basal salt solutions, antibiotics, sera, specialty media, and flexible packaging systems.
"By providing customers worldwide with greater access to Mediatech's cellgro product portfolio, this acquisition supports Corning's ongoing commitment to supply its customers with a comprehensive line of laboratory research tools," said Richard Eglen, general manager, Corning Life Sciences.
Mediatech's wide array of culture media and molecular biology reagents are complementary to the general labware, cell culture, lab equipment, and HTS/Assay products offered today by Corning. In addition, the acquisition enables Corning to continue to improve its strategic balance by strengthening its Life Sciences segment.
Jason Walsh, director of New Platforms, Corning Life Sciences, will become general manager of Mediatech. James DeOlden, co-founder of Mediatech, will serve in an advisory capacity during the leadership transition.
"I am very happy to be working with the Corning organization to expand the market access for Mediatech's high-quality products and solutions," DeOlden said.
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