Last checked at 16 Jun 2021 07:00
16 June 2021
Oxford Instruments plc reaches agreement to buy WITec GmbH
Oxford, 16 June 2021; Oxford Instruments plc ("the Group"), a leading provider of high-technology solutions, information and services for industry and research, today announces the acquisition of WITec Wissenschaftliche Instrumente und Technologie GmbH, a leading provider of Raman microscopy imaging solutions, based in Ulm, Germany, for a cash-free, debt-free consideration of €42m, of which €5m is conditional on trading performance over a period of 12 months following completion. Completion is subject to regulatory approval of the transaction by the Federal Ministry for Economic Affairs and Energy (BMWi) in Germany. These conditions are expected to be satisfied during the second quarter of the Group's financial year.
The acquisition is in line with Oxford Instruments' strategy of supporting customers in attractive end markets, enhancing its portfolio of solutions for a range of applications including semiconductors, life science and advanced materials. It will enable WITec GmbH to build on its success to date, benefitting from the global reach of Oxford Instruments, alongside its complementary technology and application knowledge.
WITec's unaudited revenue for the twelve months to 31 December 2020 was €18.2m (£15.7m), with return on sales below the average for the Group.
Dr Ian Barkshire, Chief Executive, Oxford Instruments said, "We are delighted to welcome WITec colleagues to Oxford Instruments. WITec's leading Raman microscopy solutions are a great complement to our existing products and techniques. Raman microscopy is an important and widely used technique across academic and commercial customers for fundamental research, applied R&D and quality assurance / quality control. The technique is used in conjunction and alongside our existing characterisation solutions and broadens the capabilities that we can bring to existing customers whilst expanding opportunities into new market areas. Providing a broader range of solutions helps us support our customers in facilitating a greener economy, increased connectivity, improved health and achieve leaps in scientific understanding."
Dr. Joachim Koenen and Dr. Olaf Hollricher, WITec's founders and managing directors said: "We look back on a 24-year track record of making WITec a prosperous and innovative Raman imaging company. Now that we are joining the Oxford Instruments Group, we look forward to continuing this success together with a strong partner to grow even faster and to use the existing synergies to further expand our reach into the range of markets that will benefit from our wide product portfolio."
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Oxford Instruments plc Tel: 01865 393200
Ian Barkshire, Chief Executive
Gavin Hill, Group Finance Director
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About Oxford Instruments plc
Oxford Instruments designs, supplies and supports high-technology tools and systems with a focus on research and industrial applications. Innovation has been the driving force behind Oxford Instruments' growth and success for 60 years, supporting its core purpose to address some of the world's most pressing challenges.
The first technology business to be spun out from Oxford University, Oxford Instruments is now a global company and is listed on the FTSE250 index of the London Stock Exchange (OXIG). Its strategy focuses on being a customer-centric, market-focused Group, understanding the technical and commercial challenges faced by its customers. Key market segments include Semiconductor & Communications, Advanced Materials, Healthcare & Life Science, and Quantum Technology.
Oxford Instruments' portfolio includes a range of core technologies in areas such as low temperature and high magnetic field environments; Nuclear Magnetic Resonance; X-ray, electron, laser and optical based metrology; atomic force microscopy; optical imaging; and advanced growth, deposition and etching.
Oxford Instruments is helping enable a greener economy, increased connectivity, improved health and leaps in scientific understanding. Their advanced products and services allow the world's leading industrial companies and scientific research communities to image, analyse and manipulate materials down to the atomic and molecular level, helping to accelerate R&D, increase manufacturing productivity and make ground-breaking discoveries.