Drive Medical completed its acquisition of DeVilbiss Healthcare effective July 2, 2015, according to a company news release.
DeVilbiss is a global manufacturer of respiratory and sleep products distributed in over 80 countries throughout the world. The principal corporate headquarters and manufacturing facilities of DeVilbiss are located in Somerset, PA, with distribution centers located throughout North America, as well as in France, Germany, the Netherlands, United Kingdom, Australia and China. The Company has a legacy of innovation that Drive will look to build upon.
In the short term, Drive and DeVilbiss will operate independently as they work to seamlessly integrate the two companies in the Americas. Upon completion of the integration, the new company will be known as Drive DeVilbiss Healthcare, Inc. In the rest of the world, Drive and DeVilbiss will continue to operate as independent entities.
“DeVilbiss has a long history of innovation in respiratory, going back to the 1880s. While their products still enjoy considerable market share, we think there is potential to do much more with the DeVilbiss brand and product line, especially since the sleep market is the fastest-growing segment in the industry,” said Harvey P. Diamond, CEO of Drive. “We believe Drive has the experience, resources, and passion to restore DeVilbiss as a leader in the respiratory and sleep markets and put the DeVilbiss name back on top, where it belongs.”
Richard Kocinski, CEO of Drive’s Chad manufacturing operations and a former CEO of DeVilbiss Healthcare, has been named Managing Director of DeVilbiss. Oliver Niemann, head of DeVilbiss International, will continue in his current capacity directing the international operations of DeVilbiss.
Terms of the transaction were not disclosed.