Donaldson Company Acquires Solaris Biotechnology
MINNEAPOLIS--(BUSINESS WIRE)--Donaldson Company, Inc. (NYSE: DCI), a leading worldwide provider of innovative filtration products and solutions, today announced it acquired Solaris Biotechnology Srl (“Solaris”). Solaris designs and manufactures bioprocessing equipment, including bioreactors, fermenters and tangential flow filtration systems for use in food and beverage, biotechnology and other life sciences markets. Solaris’ product portfolio ranges from benchtop systems for research and development to pilot and commercial-scale manufacturing systems.
“We are excited about Solaris’ capabilities and growth trajectory, and this acquisition is an important step on our journey towards strengthening our presence in the life sciences market,” said Tod Carpenter, chairman, president and chief executive officer of Donaldson. “With Solaris, we are well-positioned to provide more comprehensive solutions to food and beverage customers and expand our access to biopharma and other key life sciences markets. We are committed to building our presence in these markets, and this acquisition, combined with a strong pipeline of opportunities for both focused organic growth and additional acquisitions, gives us confidence we can deliver on our strategic priorities while creating value for our stakeholders.”
“By being part of Donaldson, we will have the global scale and financial flexibility to continue delivering on our growth plans, and we are thrilled about this opportunity,” said Matteo Brognoli, co-founder and chief executive officer of Solaris. “Like Donaldson, Solaris is built on strong customer relationships and providing technologically advanced solutions. With the need for Solaris products expanding rapidly we are better able to meet the growing need while playing an important role in Donaldson’s expansion into life sciences.” Mr. Brognoli will remain with the Company to lead Solaris as Managing Director with responsibility for day-to-day operations and continued growth of the business.
Solaris was founded in 2002 and is headquartered in Porto Mantovano, Italy, with US operations based in Berkeley, CA. The Company has approximately 30 employees. Donaldson acquired Solaris for approximately €41 million. Calendar year 2021 revenue is projected to be approximately €5 million and will be reported within the Donaldson Industrial Filtration Solutions business in the Industrial Products segment.