East Hills, NY (September 3, 2008) - - Pall Corporation (NYSE: PLL), a global leader in filtration, separation and purification, announced today the purchase of GeneSystems, a privately held French biotechnology company that has developed a unique, easy-to-use and cost-effective molecular diagnostics platform.
The acquisition of GeneSystems, with its patented approach to rapid microbiological detection equipment and disposables, expands Pall's Total Fluid ManagementSM (TFM) capabilities in the $1 billion biopharmaceuticals process monitoring market. The acquisition also presents Pall with new opportunities in its environmental, food and beverage and water markets.
Process monitoring includes the analytical tests required during biopharmaceuticals manufacturing for environmental monitoring, in-process control testing and finished product release testing. These tests are receiving increased regulatory scrutiny and support under initiatives such as Process Analytical Technology (PAT).
Founded in 2000 in Bruz, France, GeneSystems quickly gained market recognition for its quantitative Legionella diagnostic platform. Since its first product arrived on the market in 2004, GeneSystems has developed systems for the rapid and precise diagnosis of a range of pathogens, including food safety testing focused on E. coli. These proven systems employ advanced sample preparation methods and real-time polymerase chain reaction (PCR) technology to enable fast and high throughput along with high reproducibility analysis of multiple DNA targets. Real-time PCR detects small quantities of specific microorganisms and provides results within hours.
"We are excited by this acquisition and the increased opportunities it presents for our pharmaceutical, biotechnology, environmental monitoring, quality control and diagnostics programs," said Eric Krasnoff, Pall Corporation Chairman and CEO. "Customers seek better tools for rapid testing and process monitoring. GeneSystems expands our ability to provide Total Fluid Management to meet customer's raw materials, production, testing and environmental requirements. GeneSystems' unique technologies complement Pall's markets and global reach."
"It is wonderful to join Pall and have the opportunity to expand on a global scale the very significant customer advantages that our team has achieved, diligently and creatively, during the last few years," said Darryl Spurling, CEO of GeneSystems.
About Pall Corporation
Pall Corporation is the global leader in the rapidly growing field of filtration, separation and purification. Pall is organized into two businesses: Life Sciences and Industrial. These businesses provide leading-edge products to meet the demanding needs of customers in biotechnology, pharmaceutical, transfusion medicine, energy, electronics, water purification, aerospace, transportation and broad industrial markets. Total revenues for fiscal year 2007 were $2.2 billion. The Company is headquartered in East Hills, New York and has extensive operations around the world. For more information visit Pall at http://www.pall.com.
The matters discussed in this release contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this release and in the Company's other written and oral reports are based on current Company expectations and are subject to risks and uncertainties, which could cause actual results to differ materially. All statements regarding future performance, earnings projections, earnings guidance, management's expectations about its future cash needs and effective tax rate, and other future events or developments are forward-looking statements. Such risks and uncertainties include, but are not limited to: risks relating to the Company's restatement of prior period financial statements, including the risks associated with the pending IRS audit and pending SEC and Department of Justice investigations and litigation proceedings; risks associated with the Company's planned cash management initiatives, which may result in changes in the Company's effective tax rate; changes in product mix and product pricing may affect the Company's operating results particularly as the systems business expands in which significantly longer sales cycles are experienced with less predictable revenue and profitability and less certainty of future revenue streams from related consumable product offerings and services; increases in costs of manufacturing and operating costs, including energy and raw materials; the Company's ability to achieve the savings anticipated from its cost reduction and margin improvement initiatives including the timing of completion of its facilities rationalization initiative; fluctuations in foreign currency exchange rates and interest rates; regulatory approval or market acceptance of new technologies; changes in demand for the Company's products and business relationships with key customers and suppliers including delays or cancellations in shipments; success in enforcing patents and protecting proprietary products and manufacturing techniques; risks associated with the completion or integration of acquisitions; domestic and international competition; and global and regional economic conditions, including particularly the impact of current challenging conditions in the United States that may also have global implications; and legislative, regulatory and political developments. The Company makes these statements as of the date of this disclosure and undertakes no obligation to update them. You should carefully consider these factors as well as the additional risk factors outlined in more detail in our most recent Annual Report on Form 10-K under Item 1A, Risk Factors, and in other filings the Company makes with the Securities and Exchange Commission.