Acquisition (4927R)
04 11월 2011 - 4:00PM
UK Regulatory
TIDMOXIG
RNS Number : 4927R
Oxford Instruments PLC
04 November 2011
Oxford Instruments plc
Acquisition of Platinum Medical Imaging
Embargoed until 7am, 4 November 2011
Oxford Instruments plc ("Oxford Instruments"), a leading
provider of high technology tools and systems for industry and
research, announces the acquisition of Platinum Medical Imaging LLC
("Platinum").
Platinum is being acquired from its management for an initial
debt free, cash free consideration of US$18 million with a deferred
element of up to US$37 million payable over three years dependent
on its performance over that period.
Platinum is an established US company providing high quality
parts and services for MRI (Magnetic Resonance Imaging) and CT
(Computed Tomography) medical imaging instruments. It has 33 staff
across two sites in Florida and California who sell parts, carry
out repairs and do system rebuilds. There is a growing opportunity
in this third party service market in the US as healthcare reforms
encourage medical imaging facilities to move to more cost effective
service providers.
After adjusting for non-recurring items Platinum generated EBIT
of $2.3 million in the twelve months to 31 December 2010 from
revenues of $14.1million. At 31 December 2010 Platinum had gross
assets of $3.6 million.
The acquisition will be funded from existing facilities and is
expected to be EPS enhancing in the current year.
The combination of Platinum with Oxford Instruments' existing
MRI Service businesses in North America significantly strengthens
the Group's Service Sector by providing broader service offerings
and the opportunity for the further development of global
service.
Commenting on the acquisition, Jonathan Flint, Chief Executive
of Oxford Instruments, stated:
"This acquisition, which is the first within our Service Sector,
is consistent with our 14 Cubed objectives to target 14% compound
annual revenue growth and return on sales of 14% by 2014. MRI
service is the cornerstone of our Service sector and with Platinum,
our position is substantially strengthened in the US market."
Enquiries
Oxford Instruments Plc +44 (0)1865 393200
Jonathan Flint
Kevin Boyd
MHP +44 (0)20 3128 8100
Rachel Hirst
Ian Payne
Notes to Editors
Oxford Instruments designs, supplies and supports
high-technology tools and systems with a focus on research and
industrial applications. It provides solutions needed to advance
fundamental physics research and its transfer into commercial
nanotechnology applications. Innovation has been the driving force
behind Oxford Instruments' growth and success for over 50 years,
and its strategy is to effect the successful commercialisation of
these ideas by bringing them to market in a timely and
customer-focused fashion.
The first technology business to be spun out from Oxford
University over fifty years ago, Oxford Instruments is now a global
company with over 1900 staff worldwide and is a member of the
FTSE250 index on the London Stock Exchange (OXIG). Its objective is
to be the leading provider of new generation tools and systems for
the research and industrial sectors.
This involves the combination of core technologies in areas such
as low temperature,high magnetic field and ultra high vacuum
environments, Nuclear Magnetic Resonance, X-ray, electron and
optical based metrology, and advanced growth, deposition and
etching.
Oxford Instruments aims to pursue responsible development and
deeper understanding of our world through science and
technology.Its' products, expertise, and ideas address global
issues such as energy, environment, security and health.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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