Oxford Instruments PLC Acquisition (6368T)
17 12월 2012 - 4:00PM
UK Regulatory
TIDMOXIG
RNS Number : 6368T
Oxford Instruments PLC
17 December 2012
Embargoed until 7am, 17 December 2012
Oxford Instruments plc: Acquisition of Asylum Research Corp.
Oxford Instruments plc ("Oxford Instruments" or "the Group"), a
leading provider of high technology tools and systems for industry
and research, announces the acquisition of Asylum Research
Corporation ("Asylum Research"), a leading provider of Scanning
Probe Microscopes (SPM). The acquisition is subject to customary
conditions and is expected to be completed before the end of
December 2012.
Asylum Research is an established US company based in Santa
Barbara, California, with subsidiaries in the UK, Germany and
Taiwan. Its SPM technology is used to image and characterise the
properties of surfaces and structures down to the atomic scale
providing invaluable information to enable development and
exploitation at the nanoscale. Its products are used by academic
and industrial customers across the world for a wide range of
materials and bioscience applications. The combination of Oxford
Instruments and Asylum Research strengthens the Group's
Nanotechnology Tools sector. SPM is a fundamental nanotechnology
measurement technique and complements the existing portfolio of
products and technologies within the Group.
Asylum Research is being acquired from its management for an
initial debt free, cash free consideration of US$32.0 million with
a deferred element of up to US$48.0 million payable over three
years dependent on its performance over that period. Asylum
Research generated Earnings Before Interest and Taxation (EBIT) of
$1.1 million in the twelve months to 31 December 2011 from revenue
in the same period of $19.6 million. It had gross assets of $6.2
million as at 31 December 2011. The acquisition will be funded from
existing facilities.
The acquisition of Asylum Research is in line with Oxford
Instruments' 14 Cubed objectives, to achieve a 14% average compound
annual growth rate in revenues and a 14% return on sales by the
year ending March 2014. This acquisition contributes to the planned
acquisition element of the revenue growth objective. While Asylum
Research is expected to deliver less than the 14% targeted margin
in this and the next financial year, following the acquisition the
14 Cubed margin target for the Group remains unchanged.
As part of Oxford Instruments there will be significant scope to
accelerate the inherent strong growth of Asylum Research's end
markets and to deliver substantial improvements in margin over time
based on increasing scale. Approximately 60% of Asylum Research
turnover comes from customers working in the materials science area
where the customer base and routes to market are shared with Oxford
Instruments. This opens opportunities for market synergies and the
development of new integrated products. The remainder of Asylum
Research's turnover is in the bio-nano area where SPM instruments
are used for research into soft materials, such as DNA. This market
provides a new growth opportunity for Oxford Instruments.
Commenting on the acquisition, Jonathan Flint, Chief Executive
of Oxford Instruments, stated:
"The acquisition of Asylum Research significantly increases our
footprint in the nanotechnology space and complements our strong
position in electron microscopes with a presence in another
fundamental nanotechnology measurement technique. The acquisition
also gives us access to the rapidly growing bio-nano market as it
allows customers to perform analysis of organic samples in their
natural liquid environments, something which cannot readily be done
using electron microscopes."
A conference call for analysts and investors will be held at
08.30 (UK time) today to discuss this statement.
Participant Access Details:
Toll Number +44 203 139 4830
Toll-Free Number 0808 237 0030
Participant PIN Code 81210256#
- Ends -
Issued for and on behalf of Oxford Instruments plc
For further information please contact:
Oxford Instruments Plc +44 (0)1865 393200
Jonathan Flint, Chief Executive
Kevin Boyd, Group Finance Director
MHP Communications
Rachel Hirst
Ian Payne +44 (0) 20 3128 8100
Notes to Editors
About Oxford Instruments plc
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 2000 staff worldwide and is listed on the FTSE250
index of 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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