Sartorius , a leading
international process and laboratory technology provider, today signed an
agreement to acquire the liquid handling business of the Finnish laboratory
supplier
Biohit Oyj. With its liquid handling segment, Biohit is one of
the global market leaders for mechanical and electronic pipettes, as well as
for the associated consumables. The segment, which employs some 400 people,
generated net sales of approximately 38 million euros and an EBITDA margin of
approx. 13% in fiscal 2010. Its major customers are research, quality assurance
and academic laboratories as well as hospitals. This deal will enable Sartorius
to expand its product portfolio with an important component in the area of
laboratory instruments, which currently includes lab balances, lab water
purification systems, moisture analyzers and sample preparation consumables.
"Pipettes are the ideal addition to our
laboratory product offering," commented Dr. Joachim Kreuzburg, CEO and
Executive Board Chairman of Sartorius AG. "Just like our balances, they are
among the most frequently used lab instruments with especially high customer
requirements regarding their precision, reliability, safety and service
support. Biohit is one of the leading suppliers in this field, known worldwide
for innovative solutions and high quality. With this acquisition, we will
substantially strengthen our strategic positioning with our customers and move
significantly toward our goal of serving as a broad-based supplier of
high-quality laboratory instruments and consumables supported by excellent
service."
Welcoming the acquisition, Professor Osmo
Suovaniemi, the founder as well as the Chairman of the Board of Biohit Oyj,
said, "We are really happy to have found a buyer in Sartorius whose strategic
objective is an excellent fit with our liquid handling business and who will
continue to further develop it on a global basis. Access to the strong global
market presence and customer base of Sartorius will provide excellent prospects
for growth."
Subject to the acquisition are all assets of
the liquid handling segment of Biohit Oyj, including its production facilities
in Finland
and China
, as well
as its sales subsidiaries in eight countries. The acquisition, which will be
carried out through the Sartorius Lab Holding GmbH, will be financed from an
existing credit facility, and is projected to be accretive to relevant net
profit* for the Sartorius Group already in 2012. This deal, which is subject to
customary closing conditions and the approval of the General Meeting of Biohit,
is expected to close in December 2011.
* Relevant net profit = Earnings yielded by adjusting for extraordinary items,
eliminating non-cash amortization and by taking non-controlling interest as
well as tax effects into account
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