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April 12, 2013 /PRNewswire/ --
Life Technologies Corporation (NASDAQ: LIFE) today announced the acquisition of KDR Biotech Co., Ltd., (KDR Biotech) a leading reagents distributor based in
Seoul, Korea. KDR Biotech has been Life's primary reagent distributor in Korea since 1982.
The Korean biotechnology market has high potential—showing solid growth over the past five years and with the Korean government's Bio-vision 2016 initiative, it's anticipated to drive further growth in biotechnology investments within the country.
"The acquisition of KDR Biotech is in line with Life's Asia-Pacific Japan strategy to further develop customer relationships, improve the customer experience and increase revenue in the fast-growing South Korean biotechnology market, in addition to Life's overall strategy of expanding our footprint into strong growth and emerging markets," said
Mark Smedley, president of Life Technologies, Asia-Pacific Japan region. "KDR Biotech will help us build a strong, leading brand in
South Korea to propel us forward into sustainable growth."
Currently, KDR Biotech offers a complete solution to serve the many different needs of South Korean life science customers in academia, government research and within the industry. KDR Biotech's 30 years of market knowhow and experience in building customer relationships will assist in Life reaching out to an even larger customer base in the life science market in Korea. Life will also continue to offer non-Life products which had been part of KDR Biotech's portfolio, such as plastic ware and other complementary life science products which will maintain a competitive advantage in direct sales and to enhance the customer experience.
All current KDR Biotech employees in the main office in
Seoul and throughout Korea will become part of Life Technologies Korea and CEO, Mr. Jong-moon (
Arnold) Kim, will also serve as an external advisor to Life Technologies during the transition. Other terms of the acquisition are not being disclosed.