"This is a tremendously exciting opportunity for Novel," said Novel chairman, Bob Green. "The GenNx360 investment will enable us to continue the high double-digit growth we've experienced over the past several years and more fully execute our strategic vision."
Novel plans to use the investments to enhance its manufacturing capabilities and new production facility, which is scheduled to open this June. In addition, Novel has plans for international expansion and acquisition of additional companies.
"We have a highly successful team in place, and GenNx360 completely supports current management," said Rick Antonoff, vice president of sales. "We will continue to provide the high level of service our customers are accustomed to."