E2V.L Regulatory News (E2V)

28 Jul 2005 07:05

e2v technologies PLC28 July 2005 28 July 2005 E2V TECHNOLOGIES ANNOUNCES THE ACQUISITION OF GRESHAM SCIENTIFIC INSTRUMENTS LIMITED e2v technologies plc (" e2v" or "the Company") today announces the acquisitionof Gresham Scientific Instruments Limited ("Gresham"). Gresham, based near High Wycombe in the UK, is a leading independentmanufacturer of X-ray detectors and associated products for Energy DispersiveX-ray ("EDX") and X-ray fluorescence ("XRF") spectrometry. These products areprimarily utilised within scanning and transmission electron microscopes, usedin a wide range of applications in the scientific arena and also in widerindustrial applications such as mining and the detection of harmful heavy metalsin food. The company supplies products worldwide to OEM's, industrial andscientific end users, and accelerator research laboratories. Over 70% of salesare exported. In addition, Gresham is the UK distributor for the range ofSkyscan micro-CT scanner systems that are used in non-destructive 3D X-rayimaging. Tony Bosley, Managing Director of Gresham will continue to run thebusiness on a day-to-day basis and retain responsibility for delivering theplanned growth. The acquisition of Gresham introduces new technologies and products to e2v'sSensors portfolio supplying into the high growth Medical and Science sector. e2vprovides Gresham with further opportunities for growth due to its establishedpresence in the US market and its well-developed global distribution channels. In its audited accounts for the year ended 31 March 2005, Gresham had sales of£2.6m. The sales growth in the year ended 31 March 2005 was 16% and in the pastsix months the company has reached agreement with a number of customers, whichunderpin significant growth for the business over the next few years. Sales inQ1 2006 are currently 39% ahead of the same period in 2005. EBIT and Net assetsat 31 March 2005 were £0.4m and £1.4m respectively. e2v is acquiring Gresham for a consideration of £5.1 million, drawing from abank facility arranged at the time of the IPO in July 2004. The finalconsideration payable is subject to preparation of completion accounts butadjustments are not expected to be material. Keith Attwood, CEO of e2v technologies, added: "In our recent preliminary results announcement we made reference to pursuingacquisition targets and accordingly we are delighted to have concluded thepurchase of Gresham Scientific Instruments." "Gresham has excellent technology, with skilled employees and a well-establishedcustomer base. We are confident Gresham will be a valuable addition to ourgrowing Sensors business." Contacts: e2v technologies plc +44 (0)1245 453424Keith Attwood, CEOMike Hannant, Finance Director Gavin Anderson & Company +44 (0)20 7554 1400Charlotte Stone / Keith Brookbank NOTES FOR EDITORS: e2v technologies plc e2v technologies delivers the radio frequency and sensing technology thatenables some of the world's most innovative medical and science, aerospace anddefence, and industrial and commercial systems. For the year ended 31 March2005, e2v achieved sales of £100.5m. e2v is a leading developer and manufacturer of high-technology electroniccomponents and subsystems, which it supplies into niche markets. e2v has offices in UK, USA, Germany, France, Canada and China with a network ofagents and distributors covering other key territories. Further information on e2v technologies plc is available from its website,www.e2v.com Gresham Scientific Instruments Limited Gresham was founded by Rob Sareen, Mike Taylor and Tony Bosley in 1997 withbacking from 3i. Gresham develops and manufactures Silicon Lithium detectors,hyper-pure germanium detectors and x-ray pulse processors for Energy DispersiveX-ray ("EDX") and X-ray fluorescence ("XRF") spectrometry. These products areused with scanning and transmission electron microscopes for materials orelemental analysis. In addition Gresham offers an Upgrade and repair service andexclusively distributes the range of Skyscan micro CT scanner systems in the UK.Gresham operates from facilities in Wooburn Green, High Wycombe and has 30employees. Further information on Gresham Scientific Instruments Limited is available fromits website, www.gsinst.com This information is provided by RNS The company news service from the London Stock Exchange