Friday, October 31, 2008

Millipore’s bioprocess unit helps its Q3 2008 growth

Bioscience equipment and services company Millipore Corp. posted slight growth in both revenue and profits for the September quarter.

Third-quarter revenue climbed 6 percent, to $395 million, compared to $371 million in third-quarter 2007. Profit for Millipore (NYSE: MIL) rose to $39.7 million from $36.2 million in the year-earlier quarter.

According to Martin Madaus, chairman and CEO of Millipore, the company’s bioprocess division led its top-line growth for the period, bouncing back in North America after four steeply declining quarters in a row. Also aiding in the growth was the Billerica-based company’s laboratory water and drug discovery business units, which Madaus said experienced growth around the world.

Earlier this month, Millipore (NYSE: MIL) opened a new 30,000-square-foot manufacturing facility for membrane casting in Carrigtwohill, County Cork, Ireland. The $83 million factory will be responsible for making membranes used in filtration and purification products.

In September, Millipore announced a consolidation plan, which involves the closing of its Lincoln Park, N.J., facility; proposals to shut down operations at the Consett and Cambridge, U.K. locations; and a notice of intent to close the Nodinge, Sweden facility. Karen Hall, a Millipore spokeswoman, said at the time that work conducted at those facilities would be moved to Millipore’s operations in Cork, Ireland; in Molsheim, France; and in St. Charles, Mo., affecting up to 140 positions through job cuts, relocations and new hirings.

Millipore, which specializes in technologies, tools and services for bioscience research and biopharmaceutical manufacturing companies, reported 2007 net income of $136 million on revenue of $1.5 billion.