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Press release. July 1, 2005
Medical device company Astra Tech AB, a subsidiary of AstraZeneca PLC, is acquiring Cresco Ti Systems from its primary owners SEB Företagsinvest, Credit Suisse Innoventure Capital AG, and Banque Cantonale Vaudoise. The deal represents less than one per cent of AstraZeneca’s net assets.
Cresco currently has around 30 per cent of the dental implant bridge market in Sweden. The company also has a strong position in central Europe.
“We expect to be able to multiply the Swedish success in other markets. The acquisition of Cresco means further expansion for Astra Tech in the market for dental implants. At present our growth rate is more than twice that of the global market”, said Peter Selley, President & CEO, Astra Tech AB.
There is a great need for replacement of lost teeth, particularly among the growing number of elderly people. More than 240 million people in North America, Japan and Europe are missing one or more teeth.
The world market for dental implants is growing at a rate of approximately 20 per cent annually. Astra Tech is growing fastest and has annual growth of over 40 per cent in the dental implant area. This is an effect of the company’s focus on research, product development and an increased presence on the major markets in Europe and the United States. The number of employees in the dental area at Astra Tech has more than doubled in the past year.
“The acquisition of Cresco means that we will strengthen our product portfolio in the area of dental implantology. This is an important part of our overall growth strategy that will take us to a leading position in the global dental market”, added Mr. Selley.
Cresco’s technology and products make it possible for the patients to get bridges that fit perfectly from the start, which means that they can get their new teeth quickly. Dentists and dental technicians save time and the work is made simpler and more efficient thanks to individual fitting. The role played by the dental technicians is significant and their interaction with the dentists will be even closer.
Cresco was founded in Sweden in 1987 and has had its base in Switzerland, since 1998. The company has 31 employees, of which 17 are working in the Swedish company, while the remaining staff is located in Switzerland, Germany, Poland, Italy, and Spain. Sales in 2004 amounted to 4.7 million Euros. Cresco sales increased by over 70 per cent in 2004 and this strong growth is expected to continue.
Cresco’s operations will be fully integrated into Astra Tech and most of the staff will be offered continued employment.
“Our products will be further developed and spread globally through Astra Tech’s representation on the various markets”, said Cresco’s President & CEO, Per Dybwad.
Gargoyle Partners acted as exclusive financial advisors to Cresco Ti Systems NV in this transaction.
Date: July 1st, 2005
For additional information, please contact:
Peter Selley, President & CEO, Astra Tech AB,
phone +46 31-7763110, mobile +46705-763110
Lars Henrikson, Vice President Marketing & Business Development, Astra Tech AB,
phone +46 31-7763425, mobile +46 703-823425
Per Dybwad, President & CEO, Cresco Ti Systems,
phone +41 21 620 0230 (Lausanne), mobile +41 794-391310
Photographs for free publication are available at www.astratech.com
Astra Tech is a subsidiary of the pharmaceutical company AstraZeneca. The company develops and produces dental implants and advanced medical devices. With its products, Astra Tech is aiming at improving treatment results, facilitating procedures, reducing health care costs and enhancing quality of life.
The Astra Tech headquarters, located in Mölndal, Sweden, are housing facilities for research and development as well as production. The company has subsidiaries in 14 countries in Europe, North America and Asia/Pacific and is represented by local partners in other selected markets.
Astra Tech had sales of SEK 1.9 billion in 2004 and employs approximately 1,400 people.
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