Finnish family owned company, Serres Group Oy, has become the majority shareholder of the parent company in Innokas Medical Group. Serres’ aim is to develop Innokas Medical to become a leading co-creation partner in medical technology globally.
Innokas Medical, a Finnish health technology company offering design and product development, regulatory approvals and manufacturing of medical devices, has a new majority shareholder. The parent company of Serres group, which manufactures suction systems for operating rooms and intensive care, and building products, has in addition to acquiring shares invested 4 million euros in Innokas Medical.
“In addition to the funding, Innokas Medical gets a committed owner enabling us to focus on the implementation of the long-term co-creation strategy. The health technology is facing the globalized competition, rapid technological changes and digitalization thus creating competitive products and services is becoming increasingly challenging. Formerly the subcontractors offered standalone contract manufacturing or design services, but due to increased complexity, the partnerships that emphasises co-creation over the entire product lifecycle has become more significant driver for competitiveness”, says Jouni Toijala, CEO of Innokas Medical.
“We work in close collaboration with our clients from idea to design and product development, regulatory approvals and manufacturing of medical devices. Serres’ knowledge of the global market as well as the company’s networks covering more than 40 countries will help us to implement our co-creation strategy globally”, Toijala continues.
Innokas Medical's clients are leading health technology companies in Finland and Sweden. Innokas will continue to collaborate with its current clients also in the future as an independent subsidiary of Serres Group. Serres’ aims to increase Innokas’ turnover to more than 40 million euros by 2020. A significant part of the growth will come from expanding Innokas’ client base in the USA and European markets.
“Serres has become the world’s second largest supplier in its field and we would like to utilize our expertise further in the health technology sector. Innokas Medical is excellently suited for this strategy. We have now two entities where one operates close to the hospital end-users, and one operates as a partner for companies developing products for hospital use,” says Mika Hagberg, CEO of Serres Group.
Innokas Medical is a Finnish health technology company founded in Oulu in 1994. Annual turnover is approx. 20M€. The company’s clients include several leading brands in the field, such as GE Healthcare, Orion Diagnostica, Elekta, Icare Finland and Philips Healthcare. Innokas operates in three locations: Kempele, Helsinki and Tallinn. Each of Innokas’ factories is FDA-registered, and the processes are ISO-certified. www.innokasmedical.fi
Serres Group is a family-owned company founded in Kauhajoki in 1973. Its largest subsidiary, Serres Oy, is known for its suction systems for operating rooms and intensive care and the strong global market position it has achieved with them. The company’s products are used globally in more than 40,000 surgical operations each day. The Group’s annual turnover 30 MEUR, personnel approx. 200, factories are in Kauhajoki and Saarijärvi and sales offices in Espoo (Finland), Springfield, MA (USA) and Shanghai (China). www.serresgroup.com