Sartorius to Acquire Pipette Business
According to a presentation by Sartorius, the estimated 2011 pro forma revenue of Sartorius’s Mechatronics division, following the transaction, would consist of €150 million ($208 million = €0.72 = $1) in Lab Instrument sales, €40 million ($56 million) in Biohit sales and €100 million ($139 million) in Industrial Weighing sales. The company stated in its conference call discussing the transaction that, in the mid-term, it plans to divest the Industrial Weighing business of its Mechatronics division and to focus on the Lab business. Sartorius also commented that Biohit adds to the direct sales and service capabilities of its Lab business. Biohit’s 2010 sales by product type were 32% mechanical pipettes, 29% pipette consumables, 21% electronic pipettes and 19% service.
Goettingen, Germany 10/26/11; Helsinki, Finland 10/26/11—Sartorius has agreed to acquire the Liquid Handling business of Biohit for €68 million ($95 million = €0.72 = $1) in cash. The business offers mechanical and electronic pipettes and disposable tips and has 400 employees. In 2010, the business had sales of €37.8 million ($49.7 million = €0.76 = $1) and an EBITDA margin of 13%. “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,” said Sartorius CEO and Chairman Dr. Joachim Kreuzburg. The acquisition includes production facilities in Finland and China and sales subsidiaries in eight countries. Biohit stated that it will focus on its Diagnostics business. The employees and management of the business, including Biohit President and CEO Jussi Heiniö, will transfer to Sartorius. The deal is subject to the approval of Biohit’s shareholders. The transaction is expected to close by year end. (For Sartorius and Biohit’s quarterly results, see page 12.)
