Tricol International Group Ltd. — a Marshall Islands-based company substantially owned by China-based Weifang Tricol Trading Co. Ltd. — and its wholly owned subsidiary
Tricol Biomedical Inc. have acquired the assets of Portland, Ore.-based HemCon Medical Technologies Inc. Moving forward, HemCon will operate under the name Tricol Biomedical Inc. The HemCon brand is well-established in the wound closure device market, and future focus is on high-growth markets including surgical and chronic wound care.
HemCon President and CEO Michael Wax will continue his role at Tricol. In addition, the Ireland- and Czech Republic-based facilities previously associated with HemCon will continue to operate independently as HemCon Medical Technologies Europe Ltd. reporting to Wax.
“With our combined world-class global presence and expertise in chitosan materials, the synergy between the two companies’ business models will allow us more flexibility and faster response time to customer needs and trends in the market”said Hongwei Duan, CEO, Tricol International Group. “With this acquisition we are also establishing our entry into the wound care market, a key focus for Tricol, while building on the momentum in the core professional, surgical, and emergency medical market customer base, accessing new consumer markets worldwide with innovative products currently in development.”