(Alliance News) - Oxford Instruments PLC on Wednesday said it had bought Raman microscopy imaging provider WITec GmbH.
The EUR42 million deal will be on a cash-free and debt-free basis, with EUR5 million of the total payment conditional on WITec's trading performance over the 12 months following completion of the deal.
Ulm, Germany-based WITec describes itself as a nano-analytical microscope systems specialist and has generated average annual growth rates of more than 10% during the last few years.
The finalisation of the deal is subject to regulatory approval by the Federal Ministry for Economic Affairs and Energy in Germany. The conditions are expected to be satisfied during the second quarter of the Oxford Instruments' financial year, it said, meaning July to September.
"WITec's leading Raman microscopy solutions are a great complement to our existing products and techniques," said Chief Executive Ian Barkshire.
"Raman microscopy is an important and widely used technique across academic and commercial customers for fundamental research, applied research & development and quality assurance."
WITec had EUR18.2 million in revenue in 2020, but its return on sales is below the average for Oxford Instruments.
Oxford Instruments is an Abingdon, England-headquartered company that makes products, systems and tools for scientific research and industry.
Last week the company said that, with its robust performance, strong order book and diversified end-markets position, it is well positioned for progress in the financial year that began on April 1, despite anticipated currency headwinds and ongoing coronavirus uncertainty.
Shares in Oxford Instruments were up 0.1% to 2,246.31 pence each in London on Wednesday morning.
By Will Paige; willpaige@alliancenews.com
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Oxford Instruments (OXIG)