Philab eyes expansion to Japan, China

MANILA, Philippines - Philab Industries Inc., a local company specializing in the fields of diagnostics, medical care, manufacturing and design, is looking to bolster its presence in Asia with plans of acquiring two international firms.

Philab chairman and chief executive officer Hector Thomas Navasero told The STAR the company is in the process of purchasing a Japanese firm and a Chinese company that would expand the firm’s footprint not only within the region but globally as well.

“We plan to buy into Japan and in China. We plan to buy in manufacturing capacity in China on the medical side and then in Japan, we plan to buy a distribution manufacturing company,” Navasero said.

Navasero said acquisition of both firms are expected to close within the next 24 months.

“The way to expand globally is to get into this Japanese company that already has offices around the world and manufacturing in China, US and Europe. So that way we get into the same industry, but this one is more on the research and laboratory side. For the one in Japan, it is basically the same set up where we will be buying into or take over. They manufacture the agents for diagnostics and they manufacture the machines,” he said.

Philab, a 56-year-old Filipino pioneer in laboratory design, manufacturing and installation, is looking to become a public company early next year through a planned P2-billion initial public offering (IPO).

The company intends to submit its prospectus to the Securities and Exchange Commission in November with a targeted listing date within February next year.

A source said Philab is keen on following the path of listed Xurpas which is why it has decided to tap the team behind the technology firm’s successful IPO last year.

Philab is earmarking a capital expenditure of some P2 billion to P3 billion next year as it looks to double revenues to P8 billion from a targeted P4 billion by yearend.

 

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