Sartorius Concludes Agreement to Acquire the Liquid Handling Business of the Finnish Laboratory Supplier Biohit
Sartorius signed an agreement to acquire the liquid handling business of the Finnish laboratory supplier Biohit Oyj. With its liquid handling segment, Biohit is one of the global market leaders for mechanical and electronic pipettes, as well as for the associated consumables. The segment, which employs some 400 people, generated net sales of approximately 38 million euros and an EBITDA margin of approx. 13% in fiscal 2010. Its major customers are research, quality assurance and academic laboratories as well as hospitals. This deal will enable Sartorius to expand its product portfolio with an important component in the area of laboratory instruments, which currently includes lab balances, lab water purification systems, moisture analyzers and sample preparation consumables.
"Pipettes are the ideal addition to our laboratory product offering," commented Dr. Joachim Kreuzburg, CEO and Executive Board Chairman of Sartorius AG. "Just like our balances, they are among the most frequently used lab instruments with especially high customer requirements regarding their precision, reliability, safety and service support. Biohit is one of the leading suppliers in this field, known worldwide for innovative solutions and high quality. With this acquisition, we will substantially strengthen our strategic positioning with our customers and move significantly toward our goal of serving as a broad-based supplier of high-quality laboratory instruments and consumables supported by excellent service."
Welcoming the acquisition, Professor Osmo Suovaniemi, the founder as well as the Chairman of the Board of Biohit Oyj, said, "We are really happy to have found a buyer in Sartorius whose strategic objective is an excellent fit with our liquid handling business and who will continue to further develop it on a global basis. Access to the strong global market presence and customer base of Sartorius will provide excellent prospects for growth."
Subject to the acquisition are all assets of the liquid handling segment of Biohit Oyj, including its production facilities in Finland and China , as well as its sales subsidiaries in eight countries. The acquisition, which will be carried out through the Sartorius Lab Holding GmbH, will be financed from an existing credit facility, and is projected to be accretive to relevant net profit for the Sartorius Group already in 2012. This deal, which is subject to customary closing conditions and the approval of the General Meeting of Biohit, is expected to close in December 2011.
Source: Sartorius AG