Brad Waugh, CEO of MTT stated, “Combining the two companies will provide our customers superior logistics, customer service, product development and manufacturing capabilities through various complimentary areas of expertise."
North Kingstown, RI (PRWEB) July 21, 2015
Modular Thermal Technologies LLC (MTT),a leading manufacturer in Hot/Cold Therapy of CryoMAX® 8-Hour Reusable Cold Packs, has completed the acquisition of Life Wear Technologies, Inc. (LWT), a leading global supplier of both branded and private label Sports Medicine & Orthopedic products since 1974. The combined firms will operate as Life Wear Technologies and will offer retailers a single source for branded and private label Hot/Cold Therapy, Health Supports and various therapeutic products.
Both companies have experienced impressive growth in the last 52 weeks, with LWT revenues increasing 43.0% driven primarily by new product development and distribution growth with major drug retailers and MTT increasing 31.5% driven by a multichannel media campaign and expanded in-store marketing. Moving forward, the combined entity estimates the acquisition to create 40-60 new jobs in both operations and sales & marketing to support the aggressive growth forecasts for 2016-2018.
Joseph Giaquinto, former President & CEO of LWT stated, “Life Wear has always focused on the technical understanding of the therapeutic properties of both support and compression. That understanding provides a perfect marriage for the #1 product in Cold Therapy in our market and MTT’s approach of aligning with the ongoing consolidation in retail will resonate with our mutual customer base.”
Brad Waugh, CEO of MTT stated, “Combining the two companies will provide our customers superior logistics, customer service, product development and manufacturing capabilities through various complimentary areas of expertise. This partnership will also provide additional management and capital resources for the continued successful growth both companies have enjoyed to date!”
The new company, Life Wear Technologies, will be a leading global supplier of both branded and private label sports medicine and therapeutic products. Life Wear will also continue to manufacture and distribute its proprietary product line CryoMAX®, a patented cold pack that provides long lasting cold therapy for a variety of injuries including pains, sprains, post-surgical discomfort, and burns.
About Modular Thermal Technologies:
Modular Thermal Technologies is the manufacture of the CryoMAX® “Points-of-Cold” Technology the most advanced cold therapy on store shelves today – a patented, science-based system that utilizes non-toxic, latex-free materials allowing the pack to work for up to 8 hours at doctor-recommended therapeutic temperatures. CryoMAX® “Points of Cold” Technology is uniquely configured not as a solid block of frozen liquid, but as small, rounded, frozen water-filled capsules arranged in rows and separated by channels in which a non-toxic, non-freezing formula allows for body-conforming applications. Unlike conventional cold packs that temporarily mask pain and inhibit healing by freezing underlying tissue and blood vessels, CryoMAX® “Points of Cold” Technology absorbs heat without interfering with the body’s natural healing processes. http://www.cryomax.com
About Life Wear Technologies:
Life Wear Technologies, Inc. was established in 1974 as one of the original manufacturers of Sports Medicine products. The company began selling its products to athletic trainers, institutions, sporting goods dealers and professional teams throughout the US Market. After gaining notoriety as a leading innovator in the sporting goods arena, the company shifted its focus to the rapidly growing first aid and pharmacy market. In addition to the health supports, Life Wear began manufacturing elastic bandages, athletic tape and eventually hot & cold therapy products to become the first one-source solution for private label Sports Medicine products. Today, Life Wear Technologies, Inc. is a leading supplier of both private and branded Sports Medicine products sold in Chain Drug, Food and Mass Merchant retail channels. http://www.lifeweartechnologies.com
GoGo Media Networks, Inc.™ is the agency of record and public relations firm for Modular Thermal Technologies and its predecessor Life Wear technologies.